The United States sanctioned two Iranian financial officials, accusing them of allegedly transferring oil sales revenue through cryptocurrency

ChainCatcher news, according to Financefeeds, the U.S. Treasury Department has announced sanctions against Iranian financial personnel and related foreign companies, accusing them of helping Tehran transfer oil revenues through cryptocurrency.

The sanctions target two Iranian citizens, Alireza Derakhshan and Arash Estaki Alivand. U.S. officials stated that the two are key figures in a scheme involving the transfer of over $100 million in cryptocurrency, with funds related to Iranian oil sales. It is reported that these funds circulate through a network of shell companies in Hong Kong and the UAE, ultimately flowing back to support the operations of the Iranian government and military equipment. The sanctions took effect on September 16, freezing the U.S. assets of the designated individuals and prohibiting U.S. citizens and businesses from engaging in transactions with them. The Treasury Department stated that Tehran is increasingly relying on alternative financial channels, such as cryptocurrency, to transfer funds in order to evade regulation and the banking system.