US Treasury Hits Iranian Firms for Crypto-Backed Maritime Extortion Scheme

The US Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on two Iranian firms, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, for their involvement in a maritime extortion scheme. The companies, backed by the Islamic Revolutionary Guard Corps (IRGC), forced commercial vessels to buy mandatory insurance policies to transit the Strait of Hormuz, one of the world's most critical oil chokepoints.

The IRGC began collecting transit fees from tankers in April, charging approximately $1 per barrel of cargo. The insurance policies sold by PGMIC covered risks that Iran itself created, including vessel seizures and harassment by IRGC naval forces. This circular scheme allowed Iran to extract revenue while covering the very threats it generates.

HormuzSafe accepted payments in Bitcoin and other digital assets to circumvent Western financial controls. By processing transactions on-chain, Iran's operators could collect revenue from international shipping companies without triggering a SWIFT flag or touching correspondent banks.