US Sanctions Iranian Firms, Shadow Fleet Over Strait of Hormuz Insurance Scheme
The Treasury also accused HormuzSafe, an Iranian digital maritime services company, of accepting Bitcoin and other digital assets as payment in an effort to bypass Western sanctions.
ERBIL (Kurdistan24) – The United States on Wednesday imposed fresh sanctions on two Iranian firms and multiple shipping companies, accusing them of operating an IRGC-backed maritime insurance scheme in the Strait of Hormuz and helping transport Iranian oil in violation of U.S. sanctions.
In a statement, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) said it designated the Persian Gulf Marine Insurance Company (PGMIC) and the HormuzSafe Marine Services Authority, alleging they are central to an extortion network that requires commercial vessels to purchase mandatory insurance to transit the Strait of Hormuz.
According to the Treasury, the insurance policies, approved by the IRGC-backed Persian Gulf Strait Authority (PGSA), claim to protect vessels against risks such as seizures and security incidents, but Washington says many of those risks are created by Iran itself. U.S. officials allege the scheme allows Tehran to generate revenue while tightening its control over commercial shipping through the strategic waterway.
The Treasury also accused HormuzSafe, an Iranian digital maritime services company, of accepting Bitcoin and other digital assets as payment in an effort to bypass Western sanctions. The department said the company offers services including insurance, traffic control, security, and emergency response for vessels transiting the Strait.
In addition to the two firms, OFAC sanctioned eight shipping companies based in China, Hong Kong, and the Marshall Islands for allegedly operating in Iran's petroleum sector. The companies own or manage a fleet of tankers that U.S. authorities say transported millions of barrels of Iranian crude oil and petroleum products, primarily to China and the United Arab Emirates.
The Treasury also blocked eight vessels linked to the sanctioned companies, including the WELL SAIL, LILY, AL SALMI, BREEZE V, NATSUMI, CRYSTAL, NIRETA, and YEHOPE.
Washington said the latest measures are aimed at disrupting Iran's oil exports and cutting off revenue streams it says are used to support the Islamic Revolutionary Guard Corps (IRGC) and other activities targeted by U.S. sanctions.
The Iranian government has not immediately commented on the sanctions.