US Treasury Targets Iran Crypto Sector, Blocks $100M Oil Payment Network
The US Treasury has expanded its sanctions on Iran's digital asset sector, allowing it to target anyone globally who operates in or supports this sector.
This move is part of Operation Economic Outcast, a campaign launched on August 24 targeting nearly 60 entities, individuals, and vessels connected to Iranian nuclear, missile, cyber, and oil networks.
The Treasury's Office of Foreign Assets Control (OFAC) has expanded its authority under Executive Order 13902 to cover five Iranian economic sectors, including Iran's digital asset sector, aviation, gold, shipping, and technology.
A major target is Ivan Obukhov, a Ukrainian national based in the United Arab Emirates, who processed over $100 million in cryptocurrency payments supporting oil sales for Iran's military and its proxies since 2023.