U.S. Treasury Targets Iran's Digital Asset Sector with Expanded Sanctions
The U.S. Treasury has expanded sanctions to 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.
According to a recent determination by OFAC, the agency added Iran's digital asset sector to Executive Order 13902 sanctions authority on August 24. This move is part of a wider campaign called Operation Economic Outcast, which aims to disrupt Iran's access to the global financial system.
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 expanded authority reaches beyond Iranian exchanges and targets overseas brokers, payment processors, wallet operators, and technology providers who operate in or provide services supporting Iran's digital asset sector.