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

The U.S. Treasury announced on August 24 that the Office of Foreign Assets Control (OFAC) is extending sanctions to Iran’s digital‑asset sector. The move adds the sector to the authority of Executive Order 13902, which already covers technology, gold, aviation and shipping.

Broader Authority to Target Crypto‑Related Actors

OFAC can now sanction any person or entity that operates in, or provides services to, Iran’s cryptocurrency industry, regardless of location. The determination does not automatically blacklist every crypto firm serving Iranian users, but participation in the sector can become a basis for future designations.

Alleged $100 Million in Crypto‑Facilitated Oil Sales

The Treasury alleges that Ukrainian‑national broker Ivan Obukhov, based in the United Arab Emirates, processed more than $100 million in cryptocurrency payments since 2023 to support oil sales linked to the Islamic Revolutionary Guard Corps‑Quds Force. Obukhov’s UAE‑based company, Foscom FZE, was also designated.

Sanctions Scope and Enforcement

Nearly 60 individuals, entities and vessels across Iran’s nuclear, missile, cyber and oil networks were sanctioned alongside the new sectoral determination. Foreign banks that knowingly facilitate major transactions for designated parties could lose access to U.S. correspondent accounts. The Treasury warned that U.S. persons are prohibited from dealing with blocked parties unless authorized by OFAC.

Impact on Global Crypto Firms

The expanded authority reaches beyond Iranian exchanges. Overseas brokers, payment processors, wallet providers and technology firms could face sanctions if OFAC determines they support Iran’s digital‑asset sector. The action is part of the Treasury’s “Operation Economic Outcast” campaign, which has already targeted exchanges such as Nobitex, Wallex, Bitpin, Ramzinex, Shelbit and Aban Tether.

Future Outlook

OFAC indicated that the August 24 measures mark the start of a sustained enforcement effort, suggesting that additional designations related to Iran’s crypto activities may follow.