US Slaps Sanctions on Iranian Maritime Insurers Using Bitcoin
The US Department of the Treasury has imposed new sanctions on Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority for allegedly managing insurance for vessels in the Strait of Hormuz. According to the Office of Foreign Assets Control (OFAC), these companies offered mandatory coverage for ships, including protection against vessel seizure and other navigation-related risks.
The policies allowed payment in Bitcoin and other digital assets. The Treasury Department considers this structure linked to the Islamic Revolutionary Guard Corps (IRGC) and believes it enables Iran to raise funds and reduce the effects of international sanctions.
In addition to the insurance companies, eight shipping companies have been added to the sanctions list. The US government has also blocked eight oil tankers identified as part of this structure, which transported millions of barrels of Iranian crude oil and derivatives to markets such as China and the United Arab Emirates.