U.S. Treasury: Expanding sanctions on Iran's cryptocurrency sector, involving over $100 million in oil payments

The U.S. Treasury Department has expanded its sanctions framework against Iran to include the digital asset sector, stating that the relevant cryptocurrency payments exceed $100 million, which were used to assist in the sale of Iranian oil. The Office of Foreign Assets Control (OFAC), a division of the U.S. Treasury, has also imposed sanctions on nearly 60 entities, individuals, and vessels involved in nuclear energy, missiles, cyber activities, and the oil network.

The sanctions in the digital asset sector allow OFAC to sanction foreign individuals and companies operating in Iran's digital asset sector or providing support services to the relevant field. The U.S. Treasury stated that Iran is increasingly using cryptocurrencies to evade sanctions, including transactions related to the Iranian Islamic Revolutionary Guard Corps and insiders within the government. The U.S. Treasury noted that Ukrainian broker Ivan Obukhov, a UAE national, has processed over $100 million in cryptocurrency payments since 2023 to assist the Iranian Islamic Revolutionary Guard Corps' Quds Force in oil sales. OFAC has added Ivan Obukhov and his UAE company Foscom FZE to the sanctions list.