Royal Mail refused to pay hackers the £65.7mln they demanded, according to chat screenshots released by Russia-linked gang LockBit.
LockBit, a gang believed to have links to Russia, said unless 0.5% of the revenues from what it called “Royal Mail International” were handed over it would publish “all data available” from its cyberattack.
The hack has led to the crippling of overseas deliveries for the UK arm of International Distributions Services PLC (LSE:IDS).
“Under no circumstances will we pay you the absurd amount of money you have demanded,” a Royal Mail negotiator replied to the demand, according to the screenshots.
“We have repeatedly tried to explain to you we are not the large entity you have assumed we are, but rather a smaller subsidiary without the resources you think we have,” they added.
Royal Mail also argued LockBit’s terms would “never be taken seriously” by its board, given its expected full-year losses of between £350mln and £450mln this year.
According to the screenshots, seen by newspapers including the Financial Times and Daily Telegraph, Royal Mail has since appeared to stop negotiating.
The hackers made the demands after launching a cyber-attack in January which brought IDS' overseas service to a standstill.
Although its service has resumed, the courier has continued to issue warnings that international deliveries will "take slightly longer".
A Royal Mail spokesperson did not confirm the authenticity of LockBit’s screen shots, instead commenting: “Law enforcement has advised that it would be inappropriate to make any further comment on this incident,” given the ongoing investigation.