The US Treasury Department has expanded its sanctions framework on Iran to cover the digital asset sector, saying more than $100 million in crypto payments were used to support Iranian oil sales. The move was announced alongside fresh action by the Office of Foreign Assets Control, or OFAC, which sanctioned nearly 60 entities, individuals and vessels tied to networks involving nuclear activity, missiles, cyber operations and oil. Under the new digital-asset determination, OFAC can target foreign individuals and companies that operate in Iran’s digital asset sector or provide support services to it. Treasury said Iran is making increasing use of cryptocurrency to evade sanctions, including in transactions linked to the Islamic Revolutionary Guard Corps and insiders within the government. Treasury also named Ivan Obukhov, described as a UAE-based Ukrainian broker, saying he has handled more than $100 million in crypto payments since 2023 to help facilitate oil sales on behalf of the IRGC-Qods Force. OFAC added Obukhov and his UAE company, Foscom FZE, to the sanctions list, according to Cointelegraph.
The US Treasury Department has expanded its sanctions framework on Iran to include the digital asset sector, saying more than $100 million in crypto payments were used to assist Iranian oil sales.
The Office of Foreign Assets Control, or OFAC, also imposed sanctions on nearly 60 entities, individuals and vessels connected to networks involving nuclear activity, missiles, cyber operations and oil.
Under the digital-asset determination, OFAC can sanction foreign individuals and companies operating in Iran’s digital asset sector or providing support services to that sector.
Treasury said Iran is increasingly using cryptocurrency to evade sanctions, including in transactions tied to the Islamic Revolutionary Guard Corps and insiders within the government.
According to the Treasury Department, Ivan Obukhov, a UAE-based Ukrainian broker, has processed more than $100 million in crypto payments since 2023 to help facilitate oil sales on behalf of the IRGC-Qods Force. OFAC has added Obukhov and his UAE company, Foscom FZE, to its sanctions list.
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