Iran moves to accept crypto payments in weapon sales to evade sanctions: FT
Iran is looking to accept crypto payments in its sale of ballistic missiles, warships, and other advanced weapons, The Financial Times reported Thursday.The Ministry of Defence Export Center (Mindex) reportedly stated it is prepared to negotiate military contracts allowing payment in digital currencies, as well as through barter arrangements and Iranian rials. This offer, first introduced in 2025, marks one of the first known cases where a nation-state publicly indicated willingness to accept cryptocurrency as payment for weapons exports, the FT report said.Mindex, as a state-run overseas defense seller, reportedly holds client relationships with 35 countries. Its official website showcases a variety of products, including missiles, rockets, ammunition, and hovercrafts. Evading sanctionsWestern powers, including the U.S., UK, and EU, have placed extensive sanctions on Iran, targeting its nuclear missile programs, oil sector, and access to international banking networks, forcing the regime to rely on barter trade and digital assets like bitcoin increasingly. Last month, the U.S. announced that it sanctioned 29 "shadow fleet" vessels that aided the covert delivery of Iran's oil and petroleum exports.While sanctions continue to expand, Mindex states on its website that "there is no problem" in carrying out contracts."It should be noted that, given the general policies of the Islamic Republic of Iran regarding circumvention of sanctions, there is no problem in implementing the contract," Mindex wrote on the website. "Your purchased product will reach you as soon as possible."Iran has already been utilizing cryptocurrencies to evade Western sanctions over the past several years. Last September, the U.S. Treasury Department identified two Iranian nationals who facilitated over $100 million in bitcoin and other digital asset purchases to process the Iranian government's oil sales between 2023 and 2025. U.S. officials view such cases as part of Iran's much larger financial "shadow network."Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.