US sanctions Iranian maritime firm, says it accepted Bitcoin to evade restrictions
The US Treasury sanctioned two Iranian maritime firms, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, alleging they were part of an IRGC-backed insurance network tied to Iran’s financial sector. OFAC said the network required commercial vessels to buy approved coverage before entering the Strait of Hormuz and generated revenue for the IRGC. Treasury also sanctioned eight firms linked to Iran’s shadow fleet and blocked eight vessels. Authorities alleged HormuzSafe accepted Bitcoin and other crypto to help evade Western sanctions, reflecting earlier reports of a planned blockchain-based marine insurance platform. The Strait of Hormuz is strategically vital because it carries about one-fifth of global oil trade. US officials said Iran was using international shipping to finance the IRGC and to extend control over maritime traffic.
