The task force will develop a memorandum of understanding supporting information sharing related to the financial sector, including cybersecurity regulations and threat intelligence, the Treasury Department said.

The announcement follows a virtual meeting on ransomware that was held at the White House in October 2021 with the European Union and more than 30 countries, including Israel. Deputy Secretary of the Treasury asked then for international cooperation to address the abuse of virtual currency and disrupt the ransomware business model.

The partnership follows measures taken to combat a surge in ransomware that has struck several big US companies, including an attack on the largest fuel pipeline in the United States that crippled fuel delivery for several days. A broader US-Israeli task force was also launched to address issues related to fintech and cybersecurity, the Treasury Department said.

Earlier in November 2021, the US Justice Department charged a Ukraine national and a Russian in one of the worst ransomware attacks against American targets.