US Slams Shut Iran's Bitcoin-Backed Shipping Insurance Scheme
The US Treasury's Office of Foreign Assets Control (OFAC) has imposed new sanctions on Iran's maritime revenue network, targeting two firms that allegedly operate an IRGC-backed insurance scheme for ships transiting the Strait of Hormuz.
The Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority are accused of selling mandatory insurance policies to cover risks such as vessel seizures while accepting payments in Bitcoin and other digital assets to evade sanctions.
According to the Treasury, this insurance scheme was designed to generate revenue for the IRGC and give Iran greater influence over commercial shipping through one of the world's busiest waterways.
The sanctions were imposed under Executive Order 13902 as part of the US campaign to increase economic pressure on Iran. The measures also block eight oil tankers that allegedly transported millions of barrels of Iranian crude oil and petroleum products to destinations including China and the UAE.