The US Treasury has broadened its sanctions against Iran, targeting entities and individuals in the digital asset sector over allegations of facilitating Iranian oil sales through cryptocurrency. The Office of Foreign Assets Control (OFAC) sanctioned nearly 60 entities, including exchanges and a UAE-based broker, under Executive Order 13902, which aims to curb Iran’s ability to evade sanctions.
The measures follow reports of over $100 million in crypto transactions allegedly used to fund Iranian oil exports, with Ivan Obukhov, a Ukrainian broker based in the UAE, identified as a key figure. His company, Foscom FZE, was among those sanctioned, alongside Iranian exchanges such as Zedcex, Nobitex, and Aban Tether. The Treasury has also seized $1 billion in cryptocurrency from Iranian-linked wallets, though the exact timeline of this action remains unclear.
Sectoral sanctions under Executive Order 13902 extend beyond digital assets to include nuclear, missile, and cyber sectors, reflecting a strategic effort to disrupt Iran’s financial networks. OFAC’s actions highlight growing concerns over the use of crypto for sanctions evasion, with allegations that sanctioned entities aided the Islamic Revolutionary Guard Corps (IRGC) and its Quds Force branch.
The move underscores intensifying US efforts to monitor and regulate cryptocurrency flows, particularly in jurisdictions with limited oversight. While the Treasury has not provided detailed evidence of the alleged transactions, the sanctions signal a broader push to hold intermediaries accountable for facilitating illicit financial activity.
Written by James Tobias
Bitcoin Desk
