US Treasury sanctions Iranian crypto‑backed maritime insurance scheme
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) placed two Iranian entities, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, on its sanctions list. The firms are accused of operating a maritime insurance system that forces commercial vessels transiting the Strait of Hormuz to purchase mandatory insurance and pay a fee in Bitcoin or other cryptocurrencies, a method designed to evade Western sanctions.
The scheme is reported to charge roughly $1 per barrel of oil and could generate up to $10 billion a year, with revenues allegedly routed to Iran’s Islamic Revolutionary Guard Corps. In addition to the two insurers, the Treasury sanctioned eight shipping companies and eight oil tankers that moved Iranian petroleum, and froze about $131 million in USDT linked to sanctioned crypto wallets. U.S. officials described the operation as a “ransom” or extortion system rather than standard insurance, highlighting a new frontier in sanctions enforcement against crypto‑facilitated illicit finance.
These actions deepen U.S. pressure on Iran’s financial and maritime activities and aim to close a loophole that allowed Tehran to fund its regional operations despite existing sanctions.
Entities: HormuzSafe Marine Services Authority · Iran · Islamic Revolutionary Guard Corps · Persian Gulf Marine Insurance Company · Strait of Hormuz · U.S. Department of the Treasury · United States
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] The U.S. Treasury added Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority to its sanctions list. (US Treasury sanctions on Iranian maritime crypto scheme)
- [○ 1 SOURCE] U.S. officials described the scheme as a “ransom” or extortion system rather than standard insurance. (US Treasury sanctions on Iranian maritime crypto scheme)
- [○ 1 SOURCE] The Treasury froze about $131 million in USDT linked to sanctioned crypto wallets in mid‑July. (US Treasury sanctions on Iranian maritime crypto scheme)
- [● 2 SOURCES] The sanctions are part of broader U.S. pressure on Iran’s financial and maritime activities. (US Treasury sanctions on Iranian maritime crypto scheme)
- [○ 1 SOURCE] The U.S. Treasury also sanctioned eight shipping companies and eight oil tankers involved in transporting Iranian oil. (US Treasury sanctions on Iranian maritime crypto scheme)
- [● 2 SOURCES] The sanctioned companies forced commercial vessels transiting the Hormuz Strait to purchase maritime insurance and pay fees in Bitcoin or other cryptocurrencies. (US Treasury sanctions on Iranian maritime crypto scheme)
- [● 2 SOURCES] The scheme allegedly generates about $10 billion annually and charges roughly $1 per barrel of oil. (US Treasury sanctions on Iranian maritime crypto scheme)
- [○ 1 SOURCE] Revenues from the scheme are funneled to Iran’s Islamic Revolutionary Guard Corps. (US Treasury sanctions on Iranian maritime crypto scheme)