U.S. Sanctions Georgia-Based Cryptocurrency Company for Facilitating Transactions for Iran's IRGC

The U.S. Treasury Department has sanctioned a Georgia-based cryptocurrency company, Shelbit, and its operator for allegedly transferring millions of dollars to and from addresses controlled by Iran's Islamic Revolutionary Guard Corps (IRGC). This designation follows earlier EU and British sanctions against Georgia-registered cryptocurrency platforms accused of facilitating Russian sanctions evasion. The move highlights concerns that Georgia is being exploited as a permissive environment for sanctions evasion by Iranian and Russian actors, despite Tbilisi's appeals for renewed engagement with Washington.