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U.S. authorities have expanded sanctions pressure on Iran, targeting insurance companies that use cryptocurrency to circumvent restrictions, according to a statement from the U.S. Treasury Department's Office of Foreign Assets Control (OFAC).
This concerns the companies Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, which in the department's view are controlled by the Islamic Revolutionary Guard Corps (IRGC). Commercial vessels are allegedly forced to purchase mandatory insurance for passage through the strait, although, according to the U.S. Treasury, Iran itself creates the primary risks, including the seizure of vessels.
The Treasury's press release pays special attention to HormuzSafe. This is an Iranian insurance company established with the participation of the country's Ministry of Economy. It is reported to accept payment in Bitcoin and other digital assets to bypass U.S. sanctions.
"Iran's economy is in freefall, inflation is in the triple digits, and the regime is desperate for money. The U.S. will not allow Iran to hold global trade hostage or use international shipping to fund IRGC terrorism, aggression, and repression," said U.S. Treasury Secretary Scott Bessent.
In addition to insurance companies, sanctions targeted eight vessels of Iran's "shadow fleet" that transported oil and petrochemical products. Since the beginning of the year, OFAC has imposed restrictions on more than 100 vessels linked to this network. Today's measures were taken under Executive Order No. 13902, aimed at Iran's oil and petrochemical sectors.
