US Treasury Expands Sanctions on Iran's Crypto Sector, Involving Over $100M in Oil Payments

The US Treasury expanded its sanctions framework against Iran to include the digital asset sector, stating that related crypto payments exceeded $100 million and were used to facilitate Iranian crude oil sales. The Treasury's Office of Foreign Assets Control (OFAC) also imposed sanctions on nearly 60 entities, individuals, and vessels involved in nuclear, missile, cyber, and oil networks. This digital asset-related sanction designation allows OFAC to target foreign individuals and companies operating in Iran's digital asset sector or providing support services to related fields. The Treasury stated that Iran is increasingly using cryptocurrencies to evade sanctions, including processing transactions linked to Iran's Islamic Revolutionary Guard Corps and government insiders. The Treasury noted that Ivan Obukhov, a Ukrainian broker based in the UAE, has processed over $100 million in crypto payments since 2023 to facilitate crude oil sales on behalf of Iran's Islamic Revolutionary Guard Corps-Quds Force. OFAC has added Ivan Obukhov and his UAE-based company Foscom FZE to the sanctions list.