US Treasury Sanctions 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 operate an insurance scheme for ships transiting the Strait of Hormuz.
The Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority sold mandatory insurance policies to ships, including coverage for vessel seizures. However, they allegedly accepted payments in Bitcoin and other digital assets to circumvent sanctions.
The Treasury claims that this insurance scheme was designed to generate revenue for the IRGC (Islamic Revolutionary Guard Corps) while giving Iran greater influence over commercial shipping through a critical waterway.
In addition to these sanctions, OFAC has targeted eight shipping companies and blocked eight oil tankers that allegedly transported millions of barrels of Iranian crude oil and petroleum products to destinations including China and the UAE.