US sanctions Iranians moving oil revenues through crypto
The US Treasury Department, through OFAC, imposed new sanctions on two Iranian nationals and over a dozen companies in Hong Kong and the UAE linked to oil sales and the use of cryptocurrency to funnel funds for Iran’s Islamic Revolutionary Guard Corps–Quds Force (IRGC-QF) and Ministry of Defense (MODAFL).
At the center of the investigation are Alireza Derakhshan and Arash Estaki Alivandi, whom Washington identified as key players in a scheme that moved more than $100M in crypto since 2023. According to OFAC, they used a network of shell companies, including Alpa Trading in Dubai and Alpa Hong Kong Limited, to disguise the origin of funds.
US Treasury imposes sanctions on financial network supporting Iran’s armed forces. Source: home.treasury.gov
The sanctions also targeted firms linked to financing Hezbollah and Syria’s Al-Qatirji Company, already blacklisted for supporting the IRGC. As a result, dozens of shell companies in Hong Kong and the UAE were blocked from conducting operations in the US dollar system.
According to John Hurley, US Deputy Treasury Secretary for Terrorism and Financial Intelligence, Iranian entities “rely on shadow banking networks and cryptocurrency transactions to fund weapons programs and destabilizing activity in the Middle East.”
The sanctions follow broader pressure measures: on Sept. 2, the US restricted Iran’s tanker fleet, while Israel froze 187 crypto wallets tied to the IRGC.
Analysts note that Washington’s actions reflect a new strategy, focusing on cryptocurrency channels. Blockchain intelligence company TRM Labs reports Iran actively uses stablecoins (USDT, TRX) and chains of intermediary wallets to evade oversight, making digital assets a key tool for circumventing sanctions.
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