US Treasury Sanctions Iranian Firms Taking Bitcoin for Hormuz Passage
The U.S. Treasury sanctioned two Iran-linked firms for an IRGC-backed scheme that forces commercial ships transiting the Strait of Hormuz to buy mandatory maritime “insurance.” One firm, Persian Gulf Marine Insurance Company, brokers the coverage; the other, HormuzSafe Marine Services Authority, was developed by Iran’s Ministry of Economy and accepts Bitcoin and other digital assets. Treasury said the crypto payments help Iran evade Western sanctions and monetize control over a chokepoint that carries about one-fifth of global oil. The insurance is meant to cover risks Iran itself creates, especially vessel seizure. Treasury also sanctioned eight tankers and their operators for transporting Iranian crude and petroleum products, part of a broader crackdown on Iran’s shadow fleet.
