TL:DR:
- The Office of Foreign Assets Control (OFAC) sanctioned Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority for operating a maritime insurance scheme linked to the Islamic Revolutionary Guard Corps (IRGC).
- HormuzSafe accepted payments in Bitcoin (BTC) and other digital assets to allow commercial vessel transit through the Strait of Hormuz.
- Punitive measures included the designation of eight foreign shipping companies and the identification of eight oil tankers as blocked property for transporting Iranian crude.
Through OFAC, the US Department of the Treasury sanctions maritime transport scheme backed by Iran that used cryptocurrencies to extort commercial vessels in the Strait of Hormuz.
Digital Asset-Funded Extortion Network
Official US Treasury designations targeted the Persian Gulf Marine Insurance Company entity and the firm HormuzSafe Marine Services Authority. According to information released by US authorities, both companies sold policies designed to cover alleged maritime risks created by the Iranian regime itself in that key waterway.
Treasury reports indicate that the IRGC began collecting transit fees from tankers starting in April, setting initial charges near $1 per barrel. Official documentation suggests the commercial structure sought to offset financial losses suffered after the so-called Operation Epic Fury.
Treasury Secretary Scott Bessent noted in a statement that the actions respond to deteriorating macroeconomic conditions in the Asian nation. With triple-digit inflation and a severely weakened economy, the regime attempted to generate liquidity through forced collections from international fleets.
Iran’s Ministry of Economy developed HormuzSafe as the technical platform to provide maritime traffic, security control, and emergency response services. However, OFAC records indicate the firm accepted payments in Bitcoin and other digital assets to evade international financial sanctions imposed by the West.
Furthermore, Iran’s insurance regulatory body established the Persian Gulf Marine Insurance Company to issue policies approved by the Persian Gulf Strait Authority. It is worth noting that OFAC had already sanctioned said maritime authority on May 27, blocking its ability to operate in globalized markets.
The measures issued this week are based on Executive Order 13902, a legal framework authorizing sanctions against entities operating directly in Iran’s financial sector. According to the official report, the Treasury extended blockades to eight shipping companies and designated eight oil tankers as blocked property.
These maritime companies hold corporate registrations in Hong Kong, the Marshall Islands, and China, and operated the transport of crude oil and petroleum products of Iranian origin. OFAC has now sanctioned more than 100 vessels belonging to the so-called “shadow fleet” since January.
The regulatory advance joins measures executed in mid-July, when the US Treasury sanctioned four cryptocurrency wallets linked directly to Iran’s central bank. During that same operation, issuer Tether froze an estimated $131 million in USDT stored in the addresses flagged by the US government.
Next Steps in Maritime Traffic Oversight
OFAC is expected to maintain close monitoring over Persian Gulf routes to identify new blockchain addresses facilitating illegal transactions. Treasury authorities anticipate the presentation of a quarterly report on the impact of these sanctions on the volume of crude transported via parallel fleets globally.
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