US Sanctions Two Firms Over Iran's Strait of Hormuz Transit Fees

The US Treasury has imposed new sanctions on two companies it believes are involved in Iran's attempt to set up a transit fee structure for the Strait of Hormuz. The sanctioned entities are the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, which allegedly hide safe-passage transit fees behind 'insurance' services.

The Treasury claims that these companies use digital currencies to evade sanctions enforcement. Cryptocurrency payments to the IRGC have previously been reported in connection with transits through the Iranian-controlled northern half of the strait.

HormuzSafe Marine Services Authority has actively advertised its services, presenting itself as a modern 'digital insurance' company offering shipping companies legitimate services and coverage for transits through the strait. It accepts payments in Bitcoin (via Lightning Network), Tether, USDC, credit cards, and wire transfers.