diff --git a/drivers/hv/channel.c b/drivers/hv/channel.c
index bb5abdcda18f..47e1bd8de9fc 100644
--- a/drivers/hv/channel.c
+++ b/drivers/hv/channel.c
@@ -153,7 +153,9 @@ void vmbus_free_ring(struct vmbus_channel *channel)
 	hv_ringbuffer_cleanup(&channel->inbound);
 
 	if (channel->ringbuffer_page) {
-		__free_pages(channel->ringbuffer_page,
+		/* In a CoCo VM leak the memory if it didn't get re-encrypted */
+		if (!channel->ringbuffer_gpadlhandle.decrypted)
+			__free_pages(channel->ringbuffer_page,
 			     get_order(channel->ringbuffer_pagecount
 				       << PAGE_SHIFT));
 		channel->ringbuffer_page = NULL;