US Targets Iran's Cryptocurrency Evasion with Operation Economic Exclusion

The U.S. Department of the Treasury has launched Operation Economic Exclusion, a campaign targeting Iran's use of cryptocurrencies to evade sanctions.

As part of this initiative, the Office of Foreign Assets Control (OFAC) issued sectoral sanctions under Executive Order 13902, expanding its ability to sanction foreign individuals and companies involved in Iran's digital assets sector.

The Treasury accused Ukrainian broker Ivan Obukhov, a citizen of the UAE, of processing over $100 million in cryptocurrency payments since 2023 to facilitate oil sales by Iran's Islamic Revolutionary Guard Corps Quds Force.

OFAC sanctioned Obukhov and his company, Foscom FZE, for allegedly providing substantial assistance to the IRGC-QF. Nearly 60 entities, individuals, and vessels were also added to the sanctions list.