The US Treasury imposed sanctions on Tuesday on four Iranian nationals and more than a dozen companies and individuals in Hong Kong and the United Arab Emirates accused of helping Iran’s military move funds through oil sales and cryptocurrency.
“Iranian entities rely on shadow banking networks to evade sanctions and move millions through the international financial system,” Under Secretary for Terrorism and Financial Intelligence John Hurley said in a statement.
“Under President Trump’s leadership, we will continue to disrupt these key financial streams that fund Iran’s weapons programs and malign activities in the Middle East and beyond.”
The Treasury’s Office of Foreign Assets Control (OFAC) said Iranian nationals Alireza Derakhshan and Arash Estaki Alivand purchased more than $100 million in cryptocurrency for oil sales between 2023 and 2025.
Alivand, it alleged, also carried out transactions worth millions of dollars with Tawfiq Muhammad Sa’id al-Law, a Hezbollah-linked money changer who provided the group with access to digital wallets for funds tied to Iranian oil sales.
Also designated were Vahid Derakhshan and Leila Karimi, whom the Treasury said were involved in the financial activities of UAE- and Hong Kong-based firms tied to Derakhshan.
The action also targeted 13 UAE- and Hong Kong-based front companies, including Alpa Trading – FZCO, Powell Raw Materials Trading and Alpa Hong Kong Limited.
TheTreasury said the networks laundered hundreds of millions of dollars through front companies and digital assets to finance groups aligned with Iran and weapons programs including ballistic missiles and drones.
US revokes Chabahar sanctions waiver
Separately, the Secretary of State revoked a sanctions exception issued in 2018 under the Iran Freedom and Counter-Proliferation Act (IFCA) for Afghanistan reconstruction assistance and economic development, effective Sept. 29, 2025.
Afghanistan was overrun by Washington's Taliban foes in 2021.
“Once the revocation is effective, persons who operate the Chabahar Port or engage in other activities described in IFCA may expose themselves to sanctions,” State Department principal deputy spokesperson Thomas Pigott said in a statement.
The Iran Freedom and Counter-Proliferation Act imposes penalties on sectors of Iran’s economy linked to energy, shipping, and shipbuilding.
Chabahar Port, in southeastern Iran, had been exempted since 2018 to facilitate trade and reconstruction projects for Afghanistan.
