US Treasury sanctions Iran's crypto sector over $100 million in oil payments

The US Treasury Department has expanded its sanctions framework to target Iran's digital asset sector, citing over $100 million in crypto payments processed by UAE-based broker Ivan Obukhov to facilitate Iranian oil sales. Announcing an "economic D-Day," Treasury Secretary Scott Bessent introduced secondary sanctions targeting digital assets, gold, aviation, and shipping, while revealing that the US has seized nearly $1 billion in crypto from Iranian exchanges.

Iran digital asset sanctions

• ▪The US Treasury Department expanded its Iran sanctions framework on August 24, 2026, to cover the country's digital asset sector under Executive Order 13902.
• ▪The US Treasury Department's digital asset determination allows the Office of Foreign Assets Control to sanction foreign individuals and companies operating in or supporting Iran's digital asset sector.
• ▪The US Treasury Department sanctioned digital asset addresses tied to Arman Kahzadian, who allegedly gained control of a wallet holding over $30,000 in Bitcoin in 2023.

Crypto-facilitated oil sales

• ▪The US Treasury Department alleges that Iran increasingly uses cryptocurrency as a tool of choice for sanctions evasion, including transactions linked to the Islamic Revolutionary Guard Corps and government insiders.
• ▪The US Treasury Department sanctioned UAE-based Ukrainian broker Ivan Obukhov and his company Foscom FZE for processing over $100 million in crypto payments since 2023 to facilitate oil sales for the Islamic Revolutionary Guard Corps' Quds Force.

Hawala informal banking enforcement

• ▪On August 20, 2026, the US Treasury designated 10 individuals tied to a Hizballah cash-smuggling network that funneled money through Lebanon, Türkiye, the UAE, and Iran using informal hawala channels.
• ▪The Financial Action Task Force is preparing a report on hawala informal banking vulnerabilities expected to be released in September 2026.

Sanctions evasion networks

• ▪The US Treasury Department sanctioned nearly 60 entities, individuals, and vessels across nuclear, missile, cyber, and oil networks on August 24, 2026.
• ▪The US Treasury Department previously sanctioned Iranian crypto exchanges Shelbit and Aban Tether on August 7, 2026, for allegedly facilitating $5 million in digital assets connected to Iran.
• ▪The US Treasury Department previously sanctioned Iran's largest crypto exchange, Nobitex, on June 3, 2026, as part of enforcement actions against platforms linked to Iran.

US-Iran conflict escalation

• ▪US Treasury Secretary Scott Bessent debuted an administration plan on August 24, 2026, to impose secondary sanctions targeting Iran's revenue sources in digital assets, technology, aviation, gold, and shipping.
• ▪US Treasury Secretary Scott Bessent announced on August 24, 2026, that the United States has seized nearly $1 billion in cryptocurrency from Iranian exchanges and wallets.

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