US Sanctions Iranian Firms Over Cryptocurrency-Facilitated Insurance Extortion
The US Treasury's Office of Foreign Assets Control has designated two Iranian firms for allegedly forcing commercial vessels to purchase mandatory maritime insurance policies to transit the Strait of Hormuz.
The Treasury said this move is aimed at countering Iran's efforts to monetize one of the world's busiest maritime chokepoints and generate revenue for its struggling economy.
According to the Treasury, the Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority (Hormuz Safe) broker insurance policies approved by the Islamic Revolutionary Guard Corps (IRGC).
The Treasury alleged that these firms compel vessels transiting the Strait to purchase these policies, including through payments made in cryptocurrencies like Bitcoin.