The U.S. Treasury Department’s Office of Foreign Assets Control, or OFAC, has sanctioned Gulf maritime insurance company and HormuzSafe maritime services management authority, according to i24NEWS. The report said the two entities provided insurance policies approved by Iran’s Islamic Revolutionary Guard Corps for commercial ships transiting the Strait of Hormuz and accepted digital assets including Bitcoin as payment to evade sanctions. OFAC also sanctioned eight shadow fleet vessels and their associated companies for transporting Iranian crude oil and petroleum products. The vessels named were Well Sail, Lily, Al Salmi, Breeze V, Natsumi, Crystal, Nireta and Yehope. Since the start of this year, OFAC has sanctioned more than 100 vessels linked to Iran’s shadow fleet, the report said. The move adds a crypto payment element to a broader sanctions action focused on maritime transport, shipping services and oil-related trade connected to Iran.
The U.S. Treasury Department’s Office of Foreign Assets Control, or OFAC, has sanctioned Gulf maritime insurance company and HormuzSafe maritime services management authority, according to i24NEWS.
The report said the two entities provided insurance policies approved by Iran’s Islamic Revolutionary Guard Corps for commercial ships transiting the Strait of Hormuz. They also accepted digital assets, including Bitcoin, as payment to evade sanctions.
OFAC also sanctioned eight shadow fleet vessels and their associated companies for transporting Iranian crude oil and petroleum products. The vessels named were Well Sail, Lily, Al Salmi, Breeze V, Natsumi, Crystal, Nireta and Yehope.
Since the start of this year, OFAC has sanctioned more than 100 vessels linked to Iran’s shadow fleet, the report said.
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