Treasury expands sanctions to Iran’s digital asset industry, alleging over $100 million in crypto used for oil sales evasion.
The US Treasury imposed sectoral sanctions on Iran’s digital asset industry, citing over $100 million in crypto payments linked to oil sales. The move targets entities facilitating transactions for the Islamic Revolutionary Guard Corps (IRGC) and government insiders, including a UAE-based broker accused of processing the payments since 2023.
The sanctions expand existing measures to cover technology, gold, aviation, and shipping sectors. The Treasury alleged Iran increasingly relies on crypto to bypass sanctions, following prior actions against specific exchanges and wallets earlier this year.
Nearly 60 entities, individuals, and vessels were sanctioned, including the broker Ivan Obukhov and his UAE-based firm, Foscom FZE. The digital asset determination enables OFAC to target foreign operators supporting Iran’s crypto sector.