The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed targeted sanctions on two Iranian maritime firms—HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company—accusing them of operating an Islamic Revolutionary Guard Corps (IRGC)-backed extortion scheme that forces commercial vessels to pay “insurance tolls” in Bitcoin to secure safe transit through the Strait of Hormuz. According to U.S. officials, the entities compelled international shipping companies to purchase mandatory digital coverage policies to protect against maritime risks and vessel seizures created by the Iranian regime itself. Developed under Iran’s Ministry of Economic Affairs and Finance, HormuzSafe accepted payments in Bitcoin and other digital assets in an explicit attempt to bypass Western financial sanctions and generate revenue for the IRGC while tightening Tehran’s grip on global oil transit corridors. Concurrently, OFAC sanctioned eight foreign shipping companies and blocked eight petroleum tankers identified as part of a “shadow fleet” illegally transporting Iranian crude oil to overseas markets. Treasury Secretary Scott Bessent emphasized that Washington will not permit Iran to hold maritime commerce hostage or use cryptocurrency channels to evade international restrictions, warning global shipping operators and foreign financial institutions that engaging with these sanctioned platforms carries severe secondary sanctions risks.
U.S. Sanctions Iranian Firms Using Bitcoin Insurance Scheme to Extort Vessels Transiting Strait of Hormuz
