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US authorities have expanded sanctions pressure on Iran, targeting insurance companies that use cryptocurrency to circumvent restrictions, according to a statement from the US Treasury's Office of Foreign Assets Control (OFAC).
The companies in question are Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, which the agency believes are controlled by the Islamic Revolutionary Guard Corps (IRGC). Commercial vessels are allegedly forced to purchase mandatory insurance for passage through the strait, although the main risks, including the seizure of ships, according to the US Treasury, are created by Iran itself.
Particular attention in the Treasury's press release was given to HormuzSafe. It 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 evade US sanctions.
"Iran's economy is in free fall, with inflation in triple digits, and the regime is desperately in need of money. The US will not allow Iran to hold global trade hostage or use international shipping to fund terrorism, aggression, and repression by the IRGC," said US Treasury Secretary Scott Bessent.
In addition to the insurance companies, sanctions targeted eight vessels from 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, which targets Iran's oil and petrochemical sectors.
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