OFAC Targets Iran’s Crypto-Funded Toll Scheme in Strait of Hormuz
Поделиться:
On May 27 the US Treasury’s OFAC designated the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, alleging an IRGC-backed scheme that has charged tankers roughly $1 per barrel since April and issues insurance while HormuzSafe accepts Bitcoin and other digital assets. The Treasury also blocked eight shadow-fleet tankers and related operators, part of more than 100 vessel designations since January. The enforcement, which followed mid-July sanctions on central-bank crypto wallets and a Tether freeze of about $131 million in USDT, escalates regulatory scrutiny and highlights risks to crypto channels used for sanction evasion.
Рынки предсказаний
Что в фокусе у трейдеров?
In Brief
- OFAC sanctioned two Iranian firms selling Hormuz vessel insurance, one accepting Bitcoin.
- Hormuz Safe takes Bitcoin payments and generates revenue on the IRGC's behalf.
- Treasury also took action against 8 shadow fleet tankers for transporting Iranian crude oil
The US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two firms accused of supporting an IRGC-backed scheme that allegedly extorted commercial vessels transiting the Strait of Hormuz by requiring them to purchase maritime insurance.
Wednesday’s designations hit the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, known as Hormuz Safe. Treasury says the policies extract revenue while covering risks that Iran itself creates.
Follow us on X to get the latest news as it happens
How Iran’s Hormuz Insurance Scheme Drew US Sanctions
The IRGC reportedly began collecting transit fees from tankers passing through the Strait of Hormuz in April, with charges starting at approximately $1 per barrel.
The Treasury said the insurance scheme was created to offset revenue lost following Operation Epic Fury. Treasury Secretary Scott Bessent linked the initiative to Iran’s worsening economic conditions.
“With its economy in freefall and inflation in the triple digits, the regime is desperate for cash,” he said.
According to the department, Iran established the “illegitimate schemes” through the Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority.
It said Iran’s Ministry of Economy developed HormuzSafe. It offers insurance, traffic control, security, and emergency response services to vessels transiting the strait.
The firm accepts payments in Bitcoin (BTC) and other digital assets as part of Iran’s efforts to circumvent Western sanctions.
The Treasury also noted that Iran’s insurance regulator created the Persian Gulf Marine Insurance Company, which issues policies approved by the Persian Gulf Strait Authority.
OFAC sanctioned the IRGC-backed authority on May 27. It has now designated both the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority under Executive Order 13902 for operating in Iran’s financial sector.
In addition, OFAC sanctioned eight shipping companies and identified eight oil tankers as blocked property. The operators are registered in Hong Kong, the Marshall Islands, and China. According to the Treasury, the vessels transported Iranian crude oil and petroleum products.
The agency has now sanctioned more than 100 shadow fleet vessels since January. The latest measure is part of a broader US enforcement action against Iran.
In mid-July, the Treasury sanctioned four cryptocurrency wallets linked to Iran’s central bank. At the same time, Tether froze approximately $131 million in USDT held in those addresses.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
Read the article at BeInCrypto
Читать больше
Tokyo Firm Liquidates Part of Ethereum Treasury to Fund AI Data Centers