U.S. expands Iran crypto sanctions over $100M oil payments

The U.S. Treasury expanded sanctions to Iran’s digital asset sector on Aug. 24, giving the Office of Foreign Assets Control broader authority to target foreign companies and individuals supporting the country’s cryptocurrency industry. Summary OFAC added Iran’s digital asset sector to Executive Order 13902 sanctions authority on August 24. Treasury alleged Obukhov processed over $100 million in crypto for IRGC-linked oil sales since 2023. Nearly 60 entities, individuals and vessels were sanctioned across nuclear, missile, cyber and oil networks. Foreign banks facilitating major transactions for designated parties could lose access to U.S. correspondent accounts. Earlier measures targeted Iranian exchanges including Nobitex, Wallex, Bitpin, Ramzinex, Shelbit and Aban Tether directly. The measure accompanied sanctions against nearly 60 entities, individuals and vessels across Iran-linked nuclear, missile, cyber and oil networks. Treasury also accused UAE-based broker Ivan Obukhov of processing more than $100 million in cryptocurrency for oil sales linked to Iran’s Islamic Revolutionary Guard Corps-Quds Force. Iran crypto sector becomes a sanctions target The new OFAC determination pl...