US Slaps Sanctions on Iran Insurance Racket Tied to Crypto Payments

The US Treasury has imposed new sanctions on Iran, targeting two maritime insurance entities and eight vessels allegedly involved in a coercive insurance racket. The scheme forces commercial ships to buy IRGC-approved policies to pass through the Strait of Hormuz, one of the world's most critical oil chokepoints.

The Office of Foreign Assets Control sanctioned the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority on July 27, 2026, with the State Department following up two days later. This move is part of a broader campaign to pressure Iran, with OFAC sanctioning over 100 vessels linked to Iran's shadow fleet in 2026 alone.

The insurance shakedown reportedly includes digital assets, which has caught the attention of compliance teams across the crypto industry. Six of the newly sanctioned entities were based in China, with connections to transporting Iranian crude to both China and the UAE.