US Slams Brakes on Iran Crypto Activity Over Alleged Oil-Linked Payments

The US Treasury has imposed sanctions on Iran's digital asset sector in an effort to curb alleged cryptocurrency payments used to facilitate Iranian oil sales. The Office of Foreign Assets Control (OFAC) issued sectoral sanctions determinations that cover digital assets and related services, alongside technology, gold, aviation, and shipping.

The new determination is a significant expansion of the Treasury's ability to sanction foreign actors supporting Iran's broader crypto ecosystem. According to the Treasury, Iran increasingly uses cryptocurrencies to evade sanctions, including payments connected to the Islamic Revolutionary Guard Corps (IRGC) and government insiders.

The action includes sanctions against Ivan Obukhov, an alleged intermediary based in the UAE, and his company Foscom FZE. The Treasury alleges that Obukhov processed more than $100 million in cryptocurrency payments since 2023 to facilitate oil sales for the Quds Force, an IRGC unit.