The US just blacklisted the Iranian maritime scheme forcing commercial ships to pay Bitcoin tolls for safe passage
On July 29, OFAC designated two Iranian maritime insurance firms, HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company, as blocked counterparties under Executive Order 13902 for activity in Iran’s financial sector. Treasury said they support an IRGC-backed scheme requiring commercial vessels to buy supposed insurance for passage through the Strait of Hormuz, and said HormuzSafe accepts Bitcoin and other digital assets to help evade sanctions. The action also included a separate set of designations for eight petroleum-sector companies and eight vessels tied to Iran’s shadow fleet. U.S. persons must freeze property of blocked entities and generally may not transact in it; reporting is required within 10 business days. OFAC’s 50 Percent Rule can also block unlisted entities owned 50% or more by blocked persons. Civil penalties can apply on a strict-liability basis, and non-U.S. persons can face exposure for evasion, material support, or facilitating significant sanctioned transactions.
