On August 24, the US Treasury launched Operation Economic Outcast, adding digital assets to the list of sectors where the OFAC has expanded the risk of secondary sanctions.
The agency issued five sectoral definitions under Executive Order 13902, targeting cryptocurrencies, technology, gold, aviation, and shipping.
The department stated it could impose sanctions on foreign individuals regardless of their jurisdiction if they operate in these sectors of Iran’s economy or provide services to them.
The US Treasury linked crypto payments to sanctions evasion and transactions benefiting the Quds Force of the Islamic Revolutionary Guard Corps (IRGC) and entities close to the government. The department specifically warned that facilitating money laundering or sanctions evasion for Iran could result in losing access to the US financial system.
OFAC Targets Companies, Individuals, and Entire Industries
Simultaneously, OFAC imposed sanctions on nearly 60 companies, individuals, and vessels across several jurisdictions. According to the agency, the measures affected networks procuring technology for nuclear and missile programs, a group linked to Iran’s Ministry of Intelligence and Security, as well as brokers, companies, and shadow fleet vessels transporting Iranian oil and directing revenue to state-affiliated entities.
The Treasury specifically mentioned freight broker Ivan Obukhov. According to OFAC, the Ukrainian national residing in the UAE processed over $100 million in crypto payments since 2023 to facilitate oil sales for the Quds Force. Another individual, Arman Kahzadian, reportedly gained control of a wallet with over $30,000 in bitcoin in the summer of 2023.
OFAC also suspended several general licenses that allowed certain money transfers to Iran and Iranian access to the US cultural and academic system. Additionally, the agency issued guidance on sanctions risks for shipping operations in the Strait of Hormuz.
The new definitions complement existing sectoral measures against Iran’s financial, oil, and petrochemical industries. In early August, OFAC sanctioned crypto exchanges Shelbit and Aban Tether, accusing them of laundering funds for the IRGC.
In July, Tether froze $131 million in USDT across four addresses allegedly linked to Iran’s central bank.
