US expands sanctions on Iran to crypto and technology

The US Treasury is significantly expanding its sanction powers against Iran. The Office of Foreign Assets Control (OFAC) can now sanction anyone active in the Iranian crypto, technology, gold, aviation or shipping sector, regardless of where that person or organisation is located. The measure takes effect on 24 August 2026 and is accompanied by sanctions against nearly sixty Iran-linked entities, individuals and ships.

In brief:

• OFAC can now sanction anyone operating in five Iranian sectors, including crypto and technology
• The measure is based on a 2020 presidential decree and takes effect on 24 August 2026
• A Ukrainian shipbroker is accused of processing more than $100 million in crypto payments for Iranian oil exports

Sanctions apply to everyone, anywhere in the world

The basis for the expansion is Executive Order 13902, a presidential decree signed in January 2020. That order gives the Department of the Treasury the authority to designate sectors of the Iranian economy as sanctionable. OFAC is now applying this to five sectors at once: crypto, gold, technology, aviation and shipping.

Anyone active in one of these sectors who becomes involved with Iranian interests can be affected, regardless of nationality or place of residence. That makes the scope of the measure remarkably broad.

Ukrainian broker processed $100 million in crypto for Iran

Alongside the announcement, OFAC is sanctioning nearly sixty parties linked to Iran. One of the most notable cases is the Ukrainian shipbroker Ivan Obukhov. According to the US Department of the Treasury, he has processed more than $100 million in crypto payments since 2023 to facilitate Iranian oil exports, on behalf of the IRGC Quds Force, the elite unit of the Islamic Revolutionary Guard Corps.

The inclusion of crypto as a sanctionable sector shows that the US increasingly views digital assets as a potential means of circumventing Western sanctions. BlockchainStories has previously written about the role that liquidity and macroeconomic policy play in the broader stance of the US Department of the Treasury towards crypto markets. With this expansion, Washington is explicitly choosing an enforcement approach that also includes blockchain-based payments.