The notice said Dmitrii Karasavidi and Danil Potekhin have been added to the US Cyber-related Specially Designated Nationals list.
Treasury accused the two of stealing virtual currency from Americans, according to a separate press release.
"The individuals who administered this scheme defrauded American citizens, businesses, and others by deceiving them and stealing virtual currency from their accounts," Treasury Secretary Steven Mnuchin said in the release.
Potekhin created numerous web domains that mimicked those of legitimate virtual currency exchanges. When unwitting customers accessed the spoofed websites, Potekhin and his accomplices stole the credentials and gained access to their real accounts, the release said.
Karasavidi laundered the proceeds of the attacks, by transferring funds through multiple accounts from which the US seized virtual currency and dollar deposits worth millions, the release added.