Overview
- On Friday, August 7, the Treasury’s OFAC added Dubai-based Shelbit, Iran-based Aban Tether, Siavash Kayvanpour and related firms to the Specially Designated Nationals list, freezing any U.S.-located assets and banning U.S. dealings.
- Treasury cited on‑chain evidence that IRGC‑linked addresses sent more than $1 million to Shelbit and that Shelbit returned over $2 million to IRGC addresses, and it linked Kayvanpour’s wallets to transfers into the previously sanctioned Iranian exchange Nobitex.
- The designations follow a Reuters investigation that traced a broader alleged $4 billion evasion network and recent enforcement steps by Dubai’s VARA, while Shelbit has denied knowingly enabling illicit finance and says it ceased operations in January 2026.
- The listings use authorities targeting Iran’s financial and terrorism support networks and place foreign banks, exchanges and stablecoin issuers at risk of secondary sanctions if they continue transactions with the designated parties.
- The move expands the U.S. 'Economic Fury' campaign that has targeted exchange houses, shell companies and oil‑linked vessels and is likely to raise compliance costs, prompt more stablecoin freezes, and complicate near‑term U.S.‑Iran diplomatic and market expectations.