United States expansion of encryption sanctions against Iran involving over $100 million in oil payments

On 24 August, the United States Treasury extended sanctions against the digital asset industry in Iran to give the Office of Foreign Assets Control broader powers to target foreign companies and individuals supporting Iran ' s encryption industry. This measure was accompanied by sanctions against nearly 60 entities, individuals and vessels associated with Iran ' s nuclear, missile, network and oil networks. The Ministry of Finance also accused Ivan Obukhov, a United Arab Emirates-based broker, of processing over $100 million in encrypted currency for oil sales related to the Iranian Islamic Revolutionary Guard Corps-Kurds forces. The new OFAC decided to include digital assets in one of the five additional industries covered by Executive Order 13902, other industries including technology, gold, aviation and shipping. OFAC can now sanction anyone found to be operating or operating in the digital asset industry in Iran, wherever located. According to the Ministry of Finance, encrypted money is becoming an increasingly common tool for the transfer of funds outside traditional banking channels. The Ministry of Finance claims that the Iranian regime is increasingly using encrypted currency as a preferred tool to circumvent sanctions。