U.S.: Iran Laundered Over $100 Million From Oil Sales Through Crypto
The U.S. Department of the Treasury revealed that Iranian financial intermediaries operated a network of shell companies in Hong Kong and the United Arab Emirates, through which oil sale revenues were funneled to finance the Revolutionary Guard and the Ministry of Defense in Tehran
The U.S. Department of the Treasury announced a series of measures against a large-scale financial network that assisted Iran’s Islamic Revolutionary Guard Corps (IRGC) and the Iranian Ministry of Defense in funding their activities. According to the Treasury’s report, the newly designated entities include two Iranian financial intermediaries and more than a dozen companies and individuals from Hong Kong and the United Arab Emirates.
These networks, described as “shadow banking services,” operate through shell companies and cryptocurrency transactions in order to circumvent international sanctions and finance terrorism, ballistic missile development, and unmanned aerial vehicles.
According to the Under Secretary of the Treasury for Terrorism and Financial Intelligence, John K. Hurley, “Iranian actors rely on clandestine banking networks to move millions of dollars through the global financial system. Under President Trump’s leadership, we will continue to disrupt the key financing channels of Iran’s weapons programs and malign activities.”
The new measures were taken under an executive order targeting terrorism and follow several rounds of sanctions in recent months against similar networks. Among those identified as managing these operations are Alireza Derakhshan and Arash Estaki Alivand, who between 2023 and 2025 purchased over $100 million worth of cryptocurrency derived from Iranian oil sales. The two conducted transactions through shell companies and engaged with foreign firms, including Syria’s “Al-Qatirji” company, a central partner of the IRGC in the oil trade.
The investigation revealed that Derakhshan was involved in managing a network of companies in the UAE and Hong Kong, including “Alpha Trading,” “Alpha Hong Kong Limited,” and “Powel International.” These companies served as cover for transactions worth hundreds of millions of dollars, including deals intended for the procurement of equipment for the Iranian Ministry of Defense and the IRGC. Members of Derakhshan’s family were also tied to the management of these activities.
The practical implications of the sanctions are the freezing of all assets belonging to the designated parties in the United States or under the control of U.S. persons. In addition, foreign companies and financial institutions are prohibited from engaging with them due to the risk of secondary sanctions. The Treasury Department emphasized that any transaction, direct or indirect, with those on the list could result in civil or criminal penalties.
U.S. officials stressed that the sanctions are intended not only to punish but also to change behavior, noting that removal from the list remains possible if conditions are met.
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