US Slams Sanctions on Iranian Insurance Companies and Oil Tankers
The US has imposed sanctions on Iranian insurance companies and oil tankers, targeting a network linked to Iran. The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced new sanctions on two insurance companies: Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority.
These companies allegedly play a key role in an extortion scheme organized by the Islamic Revolutionary Guard Corps (IRGC), forcing commercial vessels to purchase mandatory maritime insurance to pass through the Strait of Hormuz. Payments are reportedly accepted in digital assets, helping the network evade international sanctions.
In addition to the insurance companies, eight companies operating oil tankers sailing under various flags have been sanctioned for transporting Iranian crude oil and petrochemical products to China and the United Arab Emirates in violation of international sanctions.
US Treasury Secretary Scott Bessent stated that 'the regime is desperate for cash' due to its economy being in freefall, with inflation in the triple digits. The US will not allow Iran to use international shipping to finance IRGC activities.