Skip to player
Skip to main content
Skip to footer
Search
Connect
Watch fullscreen
Like
Comments
Bookmark
Share
Add to Playlist
Report
Young Kim Asks Expert About Iran Using Cryptocurrency To ‘Quietly Move Funds’ And Avoid Sanctions
Forbes Breaking News
Follow
4/22/2025
During a House Foreign Affairs Committee hearing prior to the congressional recess, Rep. Young Kim (R-CA) questioned Claire Jungman, the Chief of Staff at United Against Nuclear Iran, about Iran’s use of cryptocurrency to avoid paying sanctions.
Category
🗞
News
Transcript
Display full video transcript
00:00
Thank you. I now recognize myself for five minutes. Ms. Jungman, you talk about
00:08
the sophisticated and deceptive techniques that the Iranian regime is
00:13
utilizing to evade oil sanctions, including through foreign front
00:17
companies. Iran also remains heavily dependent on China to sustain its
00:22
illicit oil trade, which is like 90% of Iran's oil exports go to China, primarily
00:28
independent teapot refineries. So you note that Chinese purchase of Iranian oil
00:35
increased by over 20% last year, despite the US sanctions. So in your
00:41
perspective, how successful has the US been in identifying these teapot
00:46
refineries and front companies? Thank you for your question. I think it's
00:51
important to remember that until end of 2024, we saw an administration that was
00:57
essentially doing lax sanctions enforcement. As a result of that, Iran was
01:02
able to build up its revenues and in turn is, despite these sanctions, is easily
01:09
able to replace the vessels that are designated. And until there's a
01:13
comprehensive designation across the entire ghost fleet, these vessels will
01:18
continue to export Iranian oil to China. When looking at the refineries and
01:22
themselves, I think that it was a great first step from this administration to
01:27
designate the refineries we saw sanctioned, I guess, two weeks ago. But
01:32
unfortunately, designation on one refinery has little to no impact. There has to be a
01:37
comprehensive, holistic approach on all of the refineries that are taking on
01:41
Iranian oil. Can you talk about the realistic short-term action that the US can take to close that
01:46
loophole? What about the long-term actions, short-term and long-term actions that we
01:54
can take to close that loophole? Sure. I think that there needs to be, in addition
02:01
with sanctions, there has to be negotiation or a diplomatic approach. And I think if
02:05
there's any president that will be able to figure out what to hold over China's head,
02:09
it will be this president. Thank you. Mr. Roll, one of the recommendations you
02:14
provide in your testimony to counter the Iranian regime's malign activities is to
02:19
continue investing in the regional military, economic, and commercial
02:24
partnerships. Because in your testimony, in quote, regional economic and social
02:29
success is as essential to our security interests as their military strength, end
02:35
code. So what role do joint security exercises or intelligence sharing
02:39
activities with our allies play in disrupting the Iran's illicit activities?
02:44
Thank you, Congresswoman. The relationships we have with our Gulf partners and other
02:52
regional partners played a profound role in the defense of Israel during Iran's
02:58
ballistic missile attack on Israel. We saw years of CENTCOM's investment in those
03:03
relationships come to fruition in the smooth air defense of the entire region. And
03:08
thousands of lives, hundreds of thousands of lives were saved as a result of that.
03:13
But this is a broader target set because the Iranians are moving, as I say, in the Red
03:18
Sea Basin. They're moving in the Persian Gulf area. They're moving in throughout the
03:22
Arabian Peninsula. And these relationships require a tremendous investment by the CENTCOM team
03:27
as well as our Department of Defense as a whole.
03:30
Thank you. Ms. Jongman, let me come back to you. You talk about the IRGC's efforts to
03:37
diversify its revenue streams, including through cryptocurrency, and how it offers Iran a way
03:43
to bypass financial oversight and quietly move funds across the borders. So in your perspective,
03:49
how extensively is the IRGC using cryptocurrency to evade sanctions?
03:54
We saw around, I think it was $8 billion of transactions from Iran using cryptocurrency.
04:05
And I think that this is an area they're obviously tapping into as sanctions are coming out. So
04:13
they're moving their money there because it's harder to track. And I think that it's an area
04:16
that sanctions could be enforced stronger. So could you talk about some of the policy changes
04:24
that you think is necessary to improve that effectiveness of sanctions? And also, what risk
04:30
do Iran's cryptocurrency and front company activities pose to global financial integrity?
04:35
I will. This is not my area of expertise, but I'm happy to follow up with a written response there.
04:41
All right. Well, thank you so much. You know, I asked that because, you know, I want to see if
04:47
these tactics could set a precedent for other rogue actors or states. And I think we've been pretty
04:55
clear on the reason why we need a digital assets framework to coordinate with our allies to address
05:01
those crypto crime. So thank you so much for your testimony. And I yield back. Let's see who is next.
05:08
Representative Stanton, I recognize you for five minutes. Thank you very much, Madam Chair.
05:17
Iran has built a network of proxies across the Middle East, sowing chaos and instant
Recommended
5:49
|
Up next
Madeleine Dean Accuses Trump Of ‘Recklessly’ Withdrawing U.S. From JCPOA Amid Iran Nuclear Tensions
Forbes Breaking News
4/23/2025
3:16
Breaking: U.S-Iran Nuclear Talks Fail....| Trump Threatens To Punish Nations Buying Iranian Oil
Oneindia
5/2/2025
3:12
Iran warns U.S. over newly-imposed sanctions | ‘Will never accept threats & pressure tactics’
Oneindia
5/3/2025
1:06
Mark Kimmitt: Trump could be Iran’s opportunity
AlArabiya English
1/29/2025
4:03
Iran's Currency Market Clampdown
Financial Times
3/4/2019
1:28
Iran demands U.S. guarantee to lift sanctions
AWANI
6/2/2025
5:38
Andy Kim Warns That North Korea, Drug Cartels Are 'Utilizing Cryptocurrencies' To Launder Money
Forbes Breaking News
4/14/2025
2:35
Iran sanctions: Trump warns trade partners
Al Jazeera English
8/8/2018
3:16
Iran's President Pezeshkian Refuses To Negotiate With U.S President Trump Amid Nuclear Crisis
Oneindia
3/12/2025
1:52
US presidential candidates divided over Iran nuclear deal days ahead of Congress vote
euronews (in English)
9/10/2015
3:30
Trump’s Last Chance to Iran? Donald Trump Writes To Iran's Khamenei To Negotiate Nuclear Deal
Oneindia
3/7/2025
3:15
Iran Proposes SHOCKING Nuclear Venture With US As Alternative To Trump's Demand: NYT Report | WATCH
Oneindia
5/15/2025
4:47
Jim Baird Presses Expert On Preventing Iran From Procuring ‘Critical Technology’ Amid Nuclear Tensions
Forbes Breaking News
4/22/2025
3:35
Trump Hints at MASSIVE Iran Nuclear Deal Comeback | Is a Historic Pact Imminent?
Oneindia
5/15/2025
3:13
Trump Threatens Global Sanctions Over Iran Oil | Major Blow to China & World Markets
Asianet News English
5/2/2025
3:05
Trump’s Final Warning To Iran: ‘Move Fast Or Face Consequences’ Says U.S President On Nuclear Deal
Oneindia
5/16/2025
3:17
Khamenei RIPS INTO Trump on Nuclear Site Damage | ‘Made EXAGGERATED claims to COVER-UP the truth’
Oneindia
yesterday
4:00
Trump Issues Ultimatum to Iran: Agree to Nuclear Deal or Face Unprecedented Bombings and Sanctions
Oneindia
3/31/2025
3:19
Trump claims ‘total destruction’ of Iran’s nukes | Intel, IAEA & CNN call it a setback |Who’s lying?
Oneindia
6 days ago
3:50
White House Press Sec Issues Chilling WWIII Warning Ahead of Make-or-Break U.S-Iran Nuclear Talks
Oneindia
4/12/2025
0:43
Mark Kimmitt: Iran must not get nukes
AlArabiya English
1/29/2025
5:22
Will Mamdani’s Proposed Millionaire Tax Save Or Sink New York City?
Forbes
today
16:23
Musk Fires Top Tesla Exec Amid Plunging Tesla Sales in Europe & China
Forbes
yesterday
25:04
He Built A $800 Million Cannabis Business—Now He’s Tackling the Blue-Collar Tech Gap with AI
Forbes
yesterday
0:49
Sam Altman Warns Users Not To Blindly Trust ChatGPT Despite Its Rising Fame
Benzinga
yesterday