U.S. Aims at Iran's Crypto Sector Due to Oil Payments Exceeding $100 Billion

cryptonews.ruPublished on 2026-08-25Last updated on 2026-08-25

Abstract

The U.S. Treasury Department has expanded sanctions on Iran to target its digital asset sector, citing over $100 million in cryptocurrency payments allegedly used to facilitate Iranian oil sales. The Treasury’s Office of Foreign Assets Control (OFAC) announced new sectoral sanctions covering digital assets, technology, gold, aviation, and shipping, alongside sanctions against nearly 60 entities, individuals, and vessels linked to nuclear, missile, cyber, and oil networks. The move allows OFAC to sanction foreign persons and firms operating in or supporting Iran’s crypto sector, which the Treasury stated is increasingly used as a "tool of choice" to circumvent sanctions, including by the Islamic Revolutionary Guard Corps (IRGC). Specific targets include Ukrainian broker Ivan Obukhov and his UAE-registered firm Foscom FZE, accused of processing over $100 million in crypto payments to facilitate oil sales for the IRGC’s Quds Force. This follows recent U.S. actions against Iran-linked crypto exchanges, including sanctions against UK-based Zedcex and Zedxion in January, four Iranian exchanges including Nobitex in June, and exchanges Shelbit and Aban Tether in August. Unlike previous targeted sanctions, the new measures establish a framework to penalize broader involvement in Iran’s crypto sector, significantly expanding OFAC’s authority under Executive Order 13902. Designated persons’ U.S.-linked property will be blocked, and foreign banks facilitating significant transactions f...

The U.S. Treasury Department has expanded its sanctions regime against Iran to include the digital assets sector, citing cryptocurrency payments of over $100 million allegedly used to facilitate the sale of Iranian oil.

On Monday, the Treasury announced that the Office of Foreign Assets Control (OFAC) imposed sectoral sanctions targeting digital assets, technology, gold, aviation, and shipping. The department also sanctioned nearly 60 organizations, individuals, and vessels associated with nuclear, missile, cyber, and oil networks.

The decision regarding digital assets allows OFAC to sanction foreign persons and companies operating in Iran's crypto sector or providing supporting services. The Treasury stated that Iran is increasingly using cryptocurrencies as the "tool of choice to evade sanctions," including for transactions linked to the Islamic Revolutionary Guard Corps (IRGC) and government representatives.

The department said that Ukrainian broker Ivan Obukhov, based in the UAE, has processed over $100 million in crypto payments since 2023 to facilitate oil sales on behalf of the IRGC's Quds Force. OFAC sanctioned Obukhov and his UAE-registered company, Foscom FZE.

U.S. Expands Cryptocurrency Measures Against Iran

The sector-wide measure followed a series of U.S. actions against specific crypto exchanges and wallets linked to Iran. In January, OFAC sanctioned UK-registered Zedcex and Zedxion, marking the first sanctions against digital asset exchanges concerning Iran.

On June 3rd, the Treasury sanctioned four Iranian crypto exchanges, including the country's largest platform, Nobitex. This came days after U.S. Treasury Secretary Scott Bessent stated that the U.S. had seized nearly $1 billion in cryptocurrency from Iranian exchanges and wallets.

Most recently, OFAC sanctioned exchanges Shelbit and Aban Tether on August 7th, claiming they facilitated a total of $5 million in digital asset operations related to Iran.

Related: Iran-linked Organizations Moved $38 Billion Through CoinEx, TRM Claims

Unlike previous actions against specific platforms, the latest decision creates a basis for imposing sanctions for involvement in Iran's broader crypto sector. The Treasury said it "significantly expands" the department's ability to sanction foreign persons and companies operating in the covered sectors or providing supporting services.

In an accompanying determination, OFAC stated that any person determined to be operating in Iran's crypto sector is subject to sanctions under Executive Order No. 13902.

The Treasury stated that property of designated persons within U.S. jurisdiction must be blocked, and foreign banks facilitating significant transactions on their behalf may face restrictions on access to U.S. accounts.

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Related Questions

QWhat is the primary reason the U.S. Treasury expanded sanctions to target Iran's crypto sector, according to the article?

AThe primary reason is Iran's alleged use of cryptocurrency to bypass sanctions, particularly for over $100 million in payments to facilitate the sale of Iranian oil.

QWhich specific Ukrainian broker and his company were sanctioned for processing over $100 million in crypto payments related to Iranian oil sales?

AThe sanctioned individuals are Ukrainian broker Ivan Obukhov and his UAE-registered company, Foscom FZE.

QHow does the latest U.S. action against Iran's crypto sector differ from previous sanctions on specific platforms?

AUnlike previous actions against specific crypto exchanges or wallets, the latest decision creates a framework for sanctioning any foreign entity operating in or providing services to Iran's broader crypto sector as a whole.

QBesides digital assets, what other sectors did the U.S. Treasury's new sanctions on Iran target?

AThe new sanctions also target the gold, aviation, and shipping sectors in Iran.

QWhat did the U.S. Treasury do in early June 2024 regarding Iranian crypto exchanges, according to the article?

AIn early June 2024, the U.S. Treasury sanctioned four Iranian crypto exchanges, including the country's largest platform, Nobitex.

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