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US sanctions Iranian maritime firm tied to IRGC insurance network
OFAC alleged HormuzSafe took Bitcoin and other digital assets as payments to generate revenue for the IRGC-backed shipping insurance scheme.
Cointelegraph reports that the US Treasury’s Office of Foreign Assets Control sanctioned two Iranian maritime firms tied to an alleged Islamic Revolutionary Guard Corps-backed insurance network linked to vessels transiting the Strait of Hormuz.
OFAC said the network required commercial vessels to buy approved marine coverage before transiting the strait, and it designated the firms for involvement in Iran’s financial sector, according to the report.
Cointelegraph adds that OFAC alleged HormuzSafe accepted Bitcoin and other digital assets as part of efforts to evade Western sanctions, while generating revenue on behalf of the IRGC and increasing Iran’s control over shipping through the Strait of Hormuz.
The report also notes that after screenshots of the HormuzSafe website circulated in May offering maritime cargo “digital insurance” with policies payable in Bitcoin, the US Treasury said it would not allow Iran to use international shipping to finance the IRGC.
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