The U.S. Treasury has imposed sanctions on two Iranian maritime companies, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, for their involvement in a maritime insurance network allegedly supported by the Islamic Revolutionary Guard Corps (IRGC). These firms reportedly accepted Bitcoin and other digital currencies to circumvent Western sanctions. The Treasury’s Office of Foreign Assets Control (OFAC) highlighted that these companies were crucial in requiring commercial vessels to obtain sanctioned insurance before passing through the Strait of Hormuz, a vital route for global oil trade.
This action follows previous reports of Iran exploring a Bitcoin-based maritime insurance platform, which U.S. authorities now claim has generated revenue for the IRGC. In addition to sanctioning the two firms, the Treasury also targeted eight companies associated with Iran’s shadow fleet and identified eight vessels as blocked property. OFAC specifically noted that HormuzSafe utilized cryptocurrencies to evade sanctions, asserting that the network bolstered Iran’s control over shipping in the strategic strait.
Treasury Secretary Scott Bessent emphasized that the U.S. would not permit Iran to disrupt global commerce, accusing the regime of leveraging international shipping to fund the IRGC. Earlier reports indicated that HormuzSafe had plans to offer “digital insurance” for maritime cargo, with policies payable in Bitcoin, although the website was later found to be inaccessible. Iranian media suggested that this platform could generate substantial revenue while issuing marine insurance policies.
