US imposes sanctions on Iranian financiers for cryptocurrency transfers from oil sales

The US Treasury Department sanctioned two Iranian financiers, Alireza Derakhshan and Arash Estaki Alivand, along with several individuals and companies in Hong Kong and the UAE for allegedly orchestrating the transfer of $100 million in cryptocurrency linked to the sale of Iranian oil. The Treasury claims that Derakhshan and Alivand facilitated the acquisition of over $100 million in cryptocurrency for the Iranian government’s oil sales. They reportedly deployed a network of front companies and individuals to enable the circumvention of sanctions. The sanctioned entities and individuals are accused of utilizing deceptive practices to disguise the nature of the transactions.