The US Treasury slapped sanctions on two Iranian maritime insurance companies accused of running a scheme that forced ships passing through the Strait of Hormuz to buy bogus coverage. The Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority allegedly used bitcoin and other digital assets to collect payments, funneling proceeds to the Islamic Revolutionary Guard Corps.
Officials called the insurance a cover for extortion because the risks it protected against like vessel seizures were largely caused by Iran itself. HormuzSafe, reportedly launched by Iran’s Ministry of Economy, accepted cryptocurrency payments as a way to dodge Western sanctions. This adds a crypto twist to ongoing tensions in this critical energy corridor, keeping oil prices high.
The move blocks US persons from working with these firms and warns foreign companies that engaging with them, including through crypto, risks secondary sanctions. The Treasury’s designation follows earlier reports revealing the scheme’s existence and highlights how digital assets are entwined in geopolitical conflicts.
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