Through the heaviest sanctions ever imposed, the administration of US\nPresident Donald Trump seeks to force the Iranian leadership into\nsubmission. These sanctions, dubbed \u2018economic D-Day\u2019, were designed to\nrectify the failures of US military pressure on Iran since last\nFebruary.<\/p>\n
In addition to targeting Iran\u2019s primary revenue and trade\nsources\u2014including the oil, banking, gold, shipping, aviation, and\nvarious technology sectors\u2014US authorities are now focusing their\nattention on cryptocurrency. Digital currencies such as Bitcoin are\nbeing used by Iran for fund transfers and trade transactions.\nFurthermore, Bitcoin is increasingly being utilised in businesses\nrelated to oil, as these digital currencies operate outside the\ntraditional banking system and the US-dollar-linked financial\nnetworks.<\/p>\n
Closed networks to help Tehran avoid sanctions<\/strong><\/p>\n Iran also appears to be developing the use of cryptocurrency as a way\nto secure oil shipments passing through the Strait of Hormuz. According\nto the Fars News Agency, which has close ties to the Iranian\nRevolutionary Guard, this idea was proposed by Babak Zanjani.<\/p>\n The 53-year-old billionaire was released from prison last year. He is\none of the most prominent figures in a network that has expanded over\ndecades, assisting Iran in facing various international sanctions.\nMembers of this network receive support and protection from influential\nfigures within the government of the Islamic Republic of Iran. In\nreturn, they are believed to share portions of their business profits\nwith Iranian government officials.<\/p>\n \u2018Among these individuals, Zanjani is one of the elites who possesses\ninnovative ideas and has repeatedly demonstrated his abilities in the\npast,\u2019 said Behzad Ahmadinia, an Iranian-born journalist focusing on oil\nand energy issues. Behzad added, \u2018It appears the Iranian regime has\ndecided to address internal competition by relying on professionals and\nexperts who can work more efficiently than other groups to take over key\npositions.\u2019<\/p>\n Selling oil on the black market<\/strong><\/p>\n Iran has utilised decades of experience in conducting its economic\nactivities under the pressure of US sanctions. The existing network\nextends far beyond individual businessmen, encompassing a vast web of\ncompanies, financial systems, and personal connections. Widespread\ncorruption and a lack of transparency are considered structural problems\nwithin Iran\u2019s political and economic system. In the 2025 Corruption\nPerceptions Index published by Transparency International, Iran scored\n23 out of 100, ranking 153 out of 182 countries, indicating a very high\nperception of corruption in the public sector.<\/p>\n Zanjani is reported to control a business empire consisting of\napproximately 60 companies, some of which operate in Malaysia,\nTajikistan, Turkey, and the United Arab Emirates. Many of his companies\nhave subsequently been sanctioned by the United States. Through his\nbusiness network, Zanjani began selling billions of barrels of Iranian\noil on the black market during the presidency of Mahmoud Ahmadinejad. He\nalso imported various goods, including aircraft, into Iran.<\/p>\n However, in 2016, he became embroiled in an internal power struggle\nin Iran. Authorities accused him of failing to return approximately\nUS$2.6 billion (around Rp 46 trillion) in oil sector revenue to the\nIranian government. After undergoing a trial that became a major public\nscandal as one of Iran\u2019s largest corruption cases, he was sentenced to\ndeath. For years, he denied the allegations regarding the missing funds\nand continued to negotiate with Iranian authorities.<\/p>\n Information for the US regarding shadow networks<\/strong><\/p>\n Another key figure in this network is the Turkish-Iranian\nbusinessman, Reza Zarrab. He was arrested in the United States in 2016\nwhile on holiday, facing charges of money laundering and violating US\nsanctions against Iran. Zarrab had built an extensive network in Turkey\nand possessed deep knowledge of the financial and trade mechanisms used\nby Iran to evade US sanctions.<\/p>\n Cases involving Zarrab provided valuable information to US\nauthorities regarding how trade networks operate to avoid sanctions,\nmaking the US more effective in targeting sanction violators. Zarrab\nsubsequently cooperated with US investigators and was released from\ncustody. According to various reports, he now lives in the United States\nunder a new identity.<\/p>\n \u2018People like Zarrab or Zanjani were raised within this system and\nhave connections to various centres of power,\u2019 told economist Jamshid\nAssadi, based in France, to DW. Reports suggest that Zanjani\u2019s emergence\nbegan about 30 years ago when he was performing military service and\nworking as a driver for the governor of Iran\u2019s central bank. That\nposition provided access to influential circles and contacts with\nimportant businessmen.<\/p>\n Billions of dollars flow through his networks and companies. To date,\nthe exact amount of personal profit he has obtained remains unknown. In\nFebruary 2024, Iranian media reported that assets related to Zanjani had\nbeen returned from abroad. According to the report, his wealth exceeded\nthe value of the debt he was required to repay.<\/p>\n In 2025, he was released from prison and returned to the business\nworld. Through one of his companies, he signed a multi-billion dollar\ncontract with an Iranian state-owned railway operator. At the same time,\nZanjani is attempting to build a new image. In an open letter to US\nbillionaire Elon Musk, he offered his company as a bridge for economic\ncooperation between Iran and the United States. He now presents himself\nas an entrepreneur, mediator, and supporter of dialogue between the two\nnations.<\/p>",
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