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Home»Politics
Politics

Crypto Emerges as Crucial Tool for Iran and Russia in Face of Western Sanctions, Reports Chainalysis

News RoomBy News Room4 months ago0 ViewsNo Comments3 Mins Read
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In the 2025 Crypto Crime Report by Chainalysis, it was revealed that sanctioned entities received $15.8 billion in cryptocurrency in 2024, making up 39% of all illicit crypto transactions. This increase in illicit transactions was attributed to growing geopolitical tensions and financial restrictions, prompting countries like Iran and Russia to turn to digital assets to evade sanctions. The US Treasury’s Office of Foreign Assets Control (OFAC) intensified efforts to disrupt financial networks supporting sanctioned states, issuing 13 designations involving crypto addresses. Despite a decrease in overall sanctions, this marked the second-highest total in the past seven years.

Iran’s reliance on crypto was particularly evident, with centralized exchanges in the country experiencing increased activity and capital outflows. Outflows reached $4.18 billion in 2024, a 70% year-over-year increase, as residents sought refuge in digital assets amidst the depreciation of the Iranian rial and high inflation rates. The Iranian government’s move to halt withdrawals from exchanges reflected its efforts to control financial outflows. Many Iranians turned to crypto as a means to safeguard their wealth and bypass government-imposed financial controls.

In February, the Trump administration reinstated the “maximum pressure” campaign on Iran through the National Security Presidential Memorandum (NSPM-2). The directive called for aggressive measures to target Iranian-linked financial networks and disrupt sanctions evasion activities. These measures included investigating Iranian financial networks, impounding illicit oil cargoes, seizing Iranian governmental assets, and prosecuting leaders of Iranian-funded terrorist groups. This further escalated tensions between the two nations.

Meanwhile, Russia took steps to legalize crypto mining and allow digital assets for international payments in response to Western sanctions. This policy shift aimed to alleviate financial pressure by enabling global trade through cryptocurrencies. Russia also strengthened ties with BRICS nations in exploring alternative financial systems that bypass the US dollar. The country’s Central Bank led efforts to integrate crypto into the financial system under regulatory oversight, representing a significant shift from Russia’s previous stance against digital assets.

In 2024, Western agencies conducted notable operations against Russian-linked crypto entities. OFAC sanctioned Russian UAV developer KB Vostok OOO for soliciting crypto donations and likely facilitating drone sales to Russian forces in Ukraine. The German Federal Criminal Police seized infrastructure from 47 no-KYC crypto exchanges involved in ransomware and darknet transactions as part of “Operation Final Exchange.” Additionally, OFAC sanctioned Russia-based crypto exchange Cryptex and its operator for laundering billions through fraudulent activities. The UK’s National Crime Agency dismantled a Russian money laundering network in “Operation Destabilise,” resulting in 84 arrests and the seizure of millions in cash and crypto. These coordinated efforts aimed to combat illicit financial activities linked to Russia.

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