US Targets Iran's Coercive Shipping Schemes
The United States has taken action to counter Iran's activities in the Strait of Hormuz by designating two Iranian entities for running coercive insurance schemes that extort international shipping. The Persian Gulf Marine Insurance Company and Hormuz Safe Marine Services Authority, both backed by the Islamic Revolutionary Guard Corps (IRGC), manufacture risk and then charge commercial vessels for coverage against dangers created by the regime itself.
These entities generate revenue that sustains IRGC operations and Iran's broader campaign of regional destabilization. The US also designated eight companies operating vessels that have transported illicit Iranian crude oil and petrochemical products to China and the UAE, which form part of Iran's 'shadow fleet' used to evade sanctions.
The US Navy enforces a blockade on Iranian ports and coastline, and these designations add to a sustained campaign that has now sanctioned more than 100 vessels this year. The US will continue to hold Iran accountable for weaponizing international waterways and evading sanctions through shadow fleet operations and deceptive financial schemes.