U.S. Sanctions Target Iranian Crypto Transactions Linked to Oil Sales
- The U.S. Treasury’s OFAC sanctioned two Iranians and several firms in Hong Kong and the UAE for moving over $100 million in cryptocurrency tied to illicit oil sales.
- The sanctions target a shadow banking network linked to Iran’s Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF) and Ministry of Defense and Armed Forces Logistics (MODAFL).
- Israel had previously blacklisted 187 cryptocurrency wallets connected to the IRGC.
- The network involved front companies like Alpa Trading in Dubai and Alpa Hong Kong Limited, which were also blacklisted.
These measures are part of a broader effort by Washington to dismantle financial networks that support Iran’s military activities despite existing restrictions. The sanctions highlight how digital assets are increasingly used as core settlement tools for illicit transactions.
By targeting both individuals and corporate fronts, the U.S. aims to disrupt key financial streams funding Iran’s weapons programs and regional proxy groups, underscoring the strategic shift towards addressing digital currency use in sanctions evasion schemes.
