US Slams Iran's 'Hormuz Extortion' Network with Fresh Sanctions

The US Treasury Department has imposed sanctions on two Iranian maritime service firms accused of operating an IRGC-backed insurance scheme that extorts commercial vessels passing through the Strait of Hormuz.

The sanctioned entities are the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, which charge vessels for protection against risks created by Iran itself.

Treasury Secretary Scott Bessent said the sanctions aim to prevent Iran from exploiting international shipping to fund the IRGC's terrorism, aggression, and repression. With its economy in freefall and inflation in the triple digits, the regime is desperate for cash.

The US has also sanctioned eight companies operating tankers that allegedly transported millions of barrels of Iranian crude oil and petroleum products to China and the UAE between 2022 and 2026.