US Slams Sanctions on Iran Crypto Sector Over $100M Oil Payments
The U.S. Treasury has expanded its sanctions on Iran's digital asset sector, giving the Office of Foreign Assets Control (OFAC) broader authority to target foreign companies and individuals supporting the country's cryptocurrency industry.
On August 24, OFAC added Iran's digital asset sector to Executive Order 13902 sanctions authority. The move is part of a wider campaign called Operation Economic Outcast, which aims to curb Iran's nuclear, missile, cyber, and oil activities.
The Treasury alleged that Ivan Obukhov, a Ukrainian national based in the UAE, processed over $100 million in cryptocurrency for oil sales linked to Iran's Islamic Revolutionary Guard Corps-Quds Force since 2023. OFAC also sanctioned Foscom FZE, the UAE-based company owned and managed by Obukhov.
The new sectoral determination creates a legal basis for future sanctions based on participation in Iran's digital asset economy. This means that foreign banks, payment processors, wallet operators, and technology providers could face sanctions if OFAC determines they operate in or provide services supporting Iran's digital asset sector.