US Sanctions Iranian Companies Over Strait of Hormuz 'Extortion' Scheme
The US Treasury has imposed sanctions on two Iranian companies accused of running an extortion scheme targeting vessels transiting the Strait of Hormuz. The Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority allegedly forced ships to buy insurance against risks created by Iran itself.
According to the Treasury's Office of Foreign Assets Control (OFAC), these companies generated revenue from this scheme. OFAC also added eight vessels to its sanctions list, including product tanker Well Sail and seven crude oil tankers, accusing them of transporting Iranian crude to China and other locations.
US Treasury Secretary Scott Bessent stated that Washington would not allow Iran to 'hold global commerce hostage' or use international shipping to finance the IRGC. The move is seen as a crackdown on Iran's alleged attempts to exploit the Strait of Hormuz for financial gain.