U.S. sanctions Iranian financial personnel transfer oil revenues over cryptocurrency

According to Shenzhen Chao TechFlow, on September 17, the US Treasury Department announced sanctions on Iranian financial personnel and related foreign companies' networks, accusing it of helping Tehran transfer oil revenues through cryptocurrencies. The sanctions target two Iranian citizens, Alireza Derakhshan and Arash Estaki Alivand, who US officials say are the core figures involved in a cryptocurrency transfer program involving more than $100 million, with funds linked to Iranian oil sales. The funds flowed through the network of shell companies in Hong Kong and the UAE, and eventually returned to support Iranian government operations and military equipment. The sanctions came into effect on September 16, freezing the U.S.-related assets of designated individuals and prohibiting U.S. citizens and businesses from trading with them. The Ministry of Finance said Tehran is increasingly relying on alternative financial channels such as cryptocurrencies to transfer funds to circumvent supervision and banking systems.