On August 24, the U.S. Department of the Treasury launched a large-scale campaign called Operation Economic Outcast, under which the Office of Foreign Assets Control (OFAC) significantly expanded the scope of secondary sanctions. A key innovation was the inclusion of digital assets in the list of sectors of the Iranian economy subject to Executive Order 13902.
The agency published five new sectoral determinations covering cryptocurrencies, technology, gold, aviation, and shipping. This means that OFAC can now apply restrictive measures to any foreign individuals, regardless of their jurisdiction, if they conduct activities in these industries or provide related services. In essence, Washington is moving from targeted strikes to systematically blocking entire areas of Iranian exports and financial flows.
The focus on crypto payments is no coincidence: the Treasury directly links the use of digital currencies to attempts to circumvent sanctions, as well as to transactions on behalf of the Quds Force of the Islamic Revolutionary Guard Corps (IRGC) and government-affiliated entities. The agency warned that facilitating money laundering or evading restrictions in favor of Tehran could result in losing access to the U.S. financial system—this is the strongest signal for international settlement intermediaries.
Shadow Fleet and Crypto Networks in the Crosshairs
In parallel with the new determinations, OFAC imposed sanctions on nearly 60 companies, individuals, and vessels across several jurisdictions. The targets included technology procurement networks for nuclear and missile programs, a group linked to Iran's Ministry of Intelligence and Security, as well as brokers and shadow fleet vessels transporting Iranian oil and channeling proceeds to state entities.
Of particular interest is the figure of freight broker Ivan Obukhov—a Ukrainian citizen residing in the UAE. According to my data, since 2023 he has processed crypto payments totaling over $100 million to facilitate oil sales on behalf of the Quds Force. Also mentioned is Arman Kahzadiyan, who gained control of a bitcoin wallet worth over $30,000 last summer. These cases show that even relatively small amounts in digital assets are now viewed as a tool for financing prohibited entities.
Additionally, OFAC suspended a number of general licenses that permitted certain money transfers to Iran and Iranian access to the U.S. cultural and academic system. The agency also issued guidance on sanctions risks for shipping operations in the Strait of Hormuz, increasing pressure on the key oil route.
The new measures complement previously imposed sectoral restrictions against Iran's financial, oil, and petrochemical industries. It is worth recalling that in early August, OFAC blacklisted the crypto exchanges Shelbit and Aban Tether, accusing them of laundering IRGC funds. And in July, Tether froze $131 million in USDT across four addresses allegedly linked to Iran's central bank.
My analysis: Expanding secondary sanctions to crypto operations is not just a bureaucratic step, but a recognition that digital assets have become a full-fledged financing channel for Iranian state structures. For the industry, this is a signal: any contact with Iranian counterparties, even through decentralized platforms, now carries catastrophic risks for liquidity and reputation. In the coming months, we will likely see stricter compliance procedures at major exchanges and growing demand for analytical tools to track such flows.