The Trump administration has intensified its efforts against Iran’s influence over commercial shipping in the vital Strait of Hormuz by imposing sanctions on two organizations linked to Tehran’s maritime activities. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) targeted the Persian Gulf Marine Insurance Company (PGMIC) and the HormuzSafe Marine Services Authority, aimed at dismantling what the Treasury describes as Iran’s “Strait of Hormuz extortion network.” These sanctions reflect a broader strategy to disrupt Iran’s control over maritime traffic and its financial gain from these operations.
Both entities were identified as instruments of Iran’s regime, with HormuzSafe reportedly linked to the Ministry of Economy, providing essential maritime services, while PGMIC was formed under Iran’s Central Insurance organization to cover maritime risks. Secretary of the Treasury Scott Bessent emphasized that the U.S. would not tolerate any threats from Iran against global trade or its use of international shipping for financing terrorism.
This most recent round of sanctions follows previous action against the Persian Gulf Strait Authority, which the U.S. accused of attempting to regulate commercial transit and collect fees in the strait. Together, these sanctions signify Washington’s commitment to challenging Iran’s military and financial maneuvers that jeopardize international shipping and navigation. As tensions remain high, commercial shipping activity in the region continues to dwindle, reflecting the adverse effects of ongoing conflicts involving the U.S., Israel, and Iran.
