U.S. Treasury Sanctions Iranian Entities Linked to Hormuz Extortion Scheme
The U.S. Department of the Treasury sanctioned two Iranian entities, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, for their role in an 'extortion' scheme involving Bitcoin payments from commercial vessels passing through the Strait of Hormuz. The action is part of broader efforts to counter Iran's financial strategies aimed at circumventing Western sanctions by leveraging cryptocurrency infrastructure. The move follows Executive Order 13902 and aligns with President Trump’s NSPM-2, which seeks maximum economic pressure on Iran. Treasury Secretary Scott Bessent emphasized the U.S.'s commitment to preventing Iran from using international shipping for terrorism financing or aggression.
Topics: Bitcoin (BTC) international shipping Iran OFAC sanctions U.S. Treasury