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US sanctions Iranian marine insurers that accept Bitcoin for Hormuz transit
OFAC blocked assets of HormuzSafe and the Persian Gulf Marine Insurance Company in the US and warned non-US parties could face secondary sanctions for dealing with them.
The U.S. Treasury's Office of Foreign Assets Control sanctioned two Iranian firms, HormuzSafe Marine Services Authority and the Persian Gulf Marine Insurance Company, over allegations they force commercial vessels to buy mandatory coverage to transit the Strait of Hormuz, with Treasury saying HormuzSafe accepts Bitcoin and other digital assets.
Treasury said the setup is linked to an IRGC-backed scheme where the “insurance” is meant to protect against risks that Iran itself creates, including seizures, and that the coverage generates revenue for the IRGC while bypassing Western sanctions.
The designations were made under Executive Order 13902, which targets Iran's financial, petroleum and petrochemical sectors. Treasury Secretary Scott Bessent said the regime is seeking cash as its economy faces severe strain, and the US will not allow Iran to use international shipping to fund the IRGC.
Treasury also said all property of the designated firms within US jurisdiction is blocked, and non-US persons risk secondary sanctions for dealing with them. In the same action, OFAC sanctioned eight shipping companies based in China, Hong Kong and the Marshall Islands and identified eight tankers tied to the movement of millions of barrels of Iranian crude and petroleum products, mostly to China.
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