U.S. expands sanctions against Iran’s crypto sector over $100 million in oil payments
The U.S. Treasury has expanded its sanctions regime against Iran to cover the entire digital asset sector. The department says cryptocurrencies are increasingly being used to evade restrictions, including for payments related to Iranian oil sales.
According to a press release from the U.S. Treasury’s Office of Foreign Assets Control (OFAC), the agency also imposed restrictions on nearly 60 individuals, companies and vessels linked to Iran’s nuclear, missile, cyber and oil sectors. U.S. authorities said the measures are intended to significantly affect the country’s economic and military capabilities.
OFAC gains authority to sanction the entire sector
The new measure allows OFAC to impose restrictions on foreign individuals and entities that operate in Iran’s digital asset sector or provide significant support to it. Previously, U.S. authorities primarily targeted individual crypto platforms, companies and wallets.
The Treasury described cryptocurrencies as one of Iran’s main tools for evading international restrictions. According to the department, digital assets are used in transactions linked to the Islamic Revolutionary Guard Corps (IRGC) and Iranian government officials.
As one example, OFAC cited the activities of Ukrainian broker Ivan Obukhov, who operates in the UAE. U.S. authorities allege that since 2023, he has processed more than $100 million in cryptocurrency payments to facilitate oil sales on behalf of the IRGC.
Both Obukhov and UAE-registered Foscom FZE were sanctioned. Their property with a U.S. nexus must be blocked, while foreign banks conducting significant transactions on behalf of sanctioned parties could also face restrictions on access to the U.S. financial system.
U.S. increases pressure on Iran’s crypto infrastructure
The new measures follow a series of sanctions against individual participants in Iran’s crypto market.
In January, OFAC added UK-registered Zedcex and Zedxion to its sanctions lists. It marked the first such U.S. action directly targeting crypto exchanges linked to Iran.
In June, the Treasury sanctioned four Iranian crypto platforms, including Nobitex, the country’s largest exchange. Shortly before that, Treasury Secretary Scott Bessent said U.S. authorities had seized nearly $1 billion in cryptocurrency linked to Iranian exchanges and wallets.
On August 7, OFAC also imposed sanctions on Shelbit and Aban Tether. According to U.S. authorities, the platforms processed a combined total of around $5 million in digital assets linked to Iran.
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