US Slams Iranian Firms Over Strait of Hormuz Insurance Fees

The U.S. Treasury has imposed fresh penalties on two Iranian firms for forcing commercial vessels to purchase maritime 'insurance' to transit the Strait of Hormuz.

HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company were sanctioned on July 29 by the Treasury, which stated that these payments are used to fund Iran's Islamic Revolutionary Guard Corps (IRGC) operations.

Treasury Secretary Scott Bessent said that 'The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC's terrorism, aggression, and repression.'

The sanctions also target eight companies operating 'shadow fleet' vessels transporting Iranian oil. This move aims to cut off revenue streams used by the IRGC and serve as a warning to shipowners and charterers that facilitating such payments could expose them to legal and financial penalties.