The US Department of the Treasury, through the OFAC, has imposed sanctions against two Iranian companies, Persian Gulf Marine Insurance Company (PGMIC) and Hormuz Safe Marine Services Authority, accusing them of creating a scheme to evade sanctions through digital marine insurance paid for with cryptocurrencies. Simultaneously, restrictions were placed on eight vessels and eight companies, which, according to Washington, are part of Iran's "shadow fleet."
OFAC: Iran Used Cryptocurrencies to Evade Sanctions
The US Treasury Department stated that Iranian authorities created a system that forced commercial vessels to purchase mandatory marine insurance for passage through the Strait of Hormuz.
Recall that Iran officially launched the Hormuz Safe platform with the ability to pay for insurance policies in Bitcoin and other cryptocurrencies in May 2026. The country hoped to earn up to $10 billion in revenue from the platform's operation.
According to OFAC, policies were issued through PGMIC, while the Hormuz Safe platform, developed with the participation of Iran's Ministry of Economy, accepted payments in Bitcoin and other digital assets.
US authorities believe this model allowed the regime to generate additional revenue while simultaneously circumventing Western sanctions.
"Against the backdrop of a rapidly deteriorating economy and inflation in the triple digits, the regime is desperately in need of funds. The United States will not allow Iran to hold global trade hostage or use international shipping to finance terrorism, aggression, and the repression of the IRGC," said US Treasury Secretary Scott Bessent.
OFAC emphasized that the insurance was ostensibly meant to protect vessels from risks, particularly detention or seizure, but most of these risks, according to the US side, "were created by Iran itself."
Sanctions Also Target Iran's "Shadow Fleet"
In addition to the insurance companies, OFAC announced sanctions against eight shipping companies and tankers, which, according to the agency, transported Iranian oil and petroleum products despite international restrictions.
According to information from the US Treasury Department, since the beginning of 2026, OFAC has already imposed sanctions against more than 100 vessels linked to Iran's "shadow fleet."
The new restrictions concern the following companies:
- Qi Hang Ship Management Limited;
- Marinova Freight Limited;
- Vast Mighty Limited;
- Ocean Tranquility Limited;
- Branch Saying International Trading Co Ltd;
- Confident Apex Limited;
- Billion Nexus Int’l Co Limited;
- Nevada Spirit Company Limited.
The related tankers WELL SAIL, NATSUMI, CRYSTAL, NIRETA, YEHOPE, LILY, AL SALMI, and BREEZE V, which, according to OFAC, transported millions of barrels of Iranian oil to China, the UAE, and other countries, were also blocked.
As a result of the sanctions, all assets of the designated companies and vessels under US jurisdiction or controlled by US persons are subject to blocking. Furthermore, US companies are prohibited from conducting any transactions with them without special permission from OFAC.
The sanctions were also announced amidst diplomatic contacts between Washington and Tehran. In particular, Iran recently received, via Qatar, a US proposal for a ten-day truce. However, according to press reports, the Islamic Revolutionary Guard Corps has not responded to any offers to return to negotiations.
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