The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a first-of-its-kind sectoral determination covering Iran’s digital assets sector, enabling sanctions against any person worldwide who operates in or provides support to that part of the Iranian economy. The action forms part of Operation Economic Outcast, launched on August 24, 2026, and described by Treasury Secretary Scott Bessent as an “economic D-Day.”
Under Executive Order 13902, OFAC can now designate foreign individuals, entities or service providers involved in Iran’s cryptocurrency industry regardless of location. The package also includes nearly 60 designations of entities, individuals and vessels linked to Iranian nuclear, missile, cyber and oil networks.
Among the specific targets is UAE-based Ukrainian national Ivan Obukhov, who, according to the Treasury, has processed more than $100 million in cryptocurrency payments since 2023 to facilitate oil sales on behalf of the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). Obukhov and related companies were designated for supporting Iran’s shadow fleet and military-linked oil trade.
OFAC additionally designated members of a cyber group associated with Iran’s Ministry of Intelligence and Security, blocking associated Bitcoin, Ethereum and other digital-asset addresses. The measures build on earlier 2026 actions against major Iranian exchanges such as Nobitex. Guidance was also updated on the sanctions risks of paying transit fees related to the Strait of Hormuz.
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The expanded secondary-sanctions exposure heightens compliance requirements for global crypto platforms, exchanges and service providers interacting with Iran-linked activity. Market participants and institutions should review counterparties carefully and maintain strong security and compliance practices.
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By designating Iran’s entire digital-assets sector and targeting a large-scale crypto-enabled oil-payment network, the United States has significantly broadened the reach of its economic pressure campaign and raised the stakes for any global participant in related activity.