The U.S. Treasury Department has opened Iran’s digital asset sector to broader secondary sanctions while targeting a broker accused of processing over $100 million in cryptocurrency for oil sales supporting Iran’s military and its proxies.
OFAC Expands Authority Over Iran's Digital Asset Sector
Under Operation Economic Outcast, launched on Aug. 24, the Treasury targeted nearly 60 entities, individuals, and vessels connected to Iranian nuclear, missile, cyber, and oil networks. As part of this package, the Office of Foreign Assets Control (OFAC) expanded its authority under Executive Order 13902 to cover five Iranian economic sectors, including the digital asset sector alongside aviation, gold, shipping, and technology.
This sectoral determination allows OFAC to sanction any foreign party globally that operates in or provides support to Iran's digital asset sector. The move extends an enforcement campaign that previously focused on specific transactions and exchanges, such as the June designation of four major Iranian crypto exchanges including Nobitex.
Broker Linked to $100 Million in Crypto-Enabled Oil Sales
The sanctions package specifically targets Ivan Obukhov, a Ukrainian national and United Arab Emirates-based shadow fleet broker. According to the Treasury and blockchain analytics firm Chainalysis, Obukhov has processed more than $100 million in cryptocurrency payments since 2023 to support oil sales for the Islamic Revolutionary Guard Corps-Qods Force.
Additionally, maritime service providers received updated guidance regarding Iranian demands for Strait of Hormuz transit fees. Companies risk penalties by answering demands for safe-passage guarantees, accepting insurance, or paying tolls—which can take the form of fiat currency, digital assets, informal swaps, or donations—routed to designated Iranian bodies.
Cyber Operations and Blocked Wallets
OFAC also designated a cyber espionage group inside Iran’s Ministry of Intelligence and Security (MOIS) for hacking U.S. critical infrastructure. Authorities blocked Bitcoin, Ethereum, and TRON wallets belonging to group co-leader Behzad Mesri and member Keyvan Fayyaz Gareh Blagh, as well as addresses for member Arman Kahzadian.
According to OFAC and Chainalysis, group members utilized cryptocurrency to fund bulletproof hosting providers and receive ransomware payments. A superseding indictment unsealed on Aug. 18 named 17 members of the Mabna Institute hacking-for-hire operation, including defendants previously linked to a 2017 extortion attempt against HBO.
Treasury Secretary Scott Bessent stated in May that the government had previously seized approximately $1 billion in Iran-linked cryptocurrency through broader campaigns targeting sanctioned wallets and financial networks.
