US Sanctions Iranian Entities Behind Maritime Insurance Scheme in Strait of Hormuz
The U.S. Treasury's Office of Foreign Assets Control (OFAC) has sanctioned two entities, the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, for their role in an Iran Revolutionary Guard Corps (IRGC)-backed maritime insurance scheme. The initiative reportedly extorts commercial vessels transiting the Strait of Hormuz by requiring them to purchase insurance policies that cover risks created by Iran itself. The Treasury stated this effort is part of a broader strategy to counter Iranian financial schemes, particularly as its economy faces severe challenges with high inflation and economic instability. Payments for these services are accepted in Bitcoin (BTC) and other cryptocurrencies, allowing Iran to bypass Western sanctions. In addition to the two companies, OFAC also sanctioned eight shipping firms and identified eight oil tankers linked to transporting Iranian crude. This move is part of a larger enforcement campaign against Iran's financial sector, including recent actions targeting cryptocurrency wallets tied to its central bank.
Topics: crypto iran ofac sanctions strait of hormuz