U.S. Treasury sanctions two Iranian maritime firms over Bitcoin-linked Strait of Hormuz insurance scheme

The U.S. Treasury has sanctioned Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, saying the two Iranian maritime firms operated a Strait of Hormuz insurance scheme that generated revenue for the IRGC and accepted Bitcoin and other digital assets as part of an alleged sanctions workaround to bypass restrictions. Both entities were designated by the Office of Foreign Assets Control under Executive Order 13902. Treasury said the firms sold mandatory insurance policies for ships transiting the strait, including coverage for risks such as vessel seizures, in a system it said gave Iran additional leverage over commercial shipping through one of the world’s busiest waterways. OFAC also sanctioned eight shipping companies and blocked eight oil tankers that it said transported millions of barrels of Iranian crude oil and petroleum products to destinations including China and the UAE. Treasury said it has now sanctioned more than 100 vessels associated with Iran’s shadow fleet in 2026. The measures freeze assets subject to U.S. jurisdiction and bar transactions involving the designated entities. Treasury also warned that non-U.S. persons could face penalties if they assist sanctioned parties or help evade U.S. sanctions.