US Sanctions Iran's Crypto-Funded Shipping Scheme
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned two Iranian companies, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, for operating a maritime insurance scheme linked to the Islamic Revolutionary Guard Corps (IRGC).
The scheme, called HormuzSafe, accepted payments in Bitcoin (BTC) and other digital assets to cover alleged maritime risks created by the Iranian regime in the Strait of Hormuz. This allowed the IRGC to collect transit fees from tankers starting in April, initially charging near $1 per barrel.
Treasury Secretary Scott Bessent noted that the actions respond to Iran's deteriorating macroeconomic conditions, including triple-digit inflation and a severely weakened economy, which led the regime to attempt to generate liquidity through forced collections from international fleets.