The U.S. Treasury Department’s Office of Foreign Assets Control sanctioned two Iranian firms on Wednesday, saying they forced commercial vessels to purchase mandatory “insurance” in order to transit the Strait of Hormuz. One of them, HormuzSafe Marine Services Authority, accepted Bitcoin and other digital assets, according to Treasury, as part of an effort to evade sanctions.
The second firm named in the action was Persian Gulf Marine Insurance Company. In a press release, Treasury described the two entities as part of an Islamic Revolutionary Guard Corps-backed arrangement in which vessels were sold coverage against risks such as seizures, even though those risks were created by Iran itself. Both companies were designated under Executive Order 13902, which targets Iran’s financial, petroleum and petrochemical sectors.
“With its economy in freefall and inflation in the triple digits, the regime is desperate for cash,” Treasury Secretary Scott Bessent said in the release. “The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression.”
Bitcoin and other digital assets named in Treasury action
Treasury said HormuzSafe was developed by Iran’s Ministry of Economy and presented itself as a digital insurance firm. The company advertised maritime services for vessels moving through the strait, including insurance, traffic control, security, and emergency response.
The agency said HormuzSafe “accepts payment in Bitcoin and other digital assets as part of the regime’s attempts to bypass Western sanctions,” and that it generates revenue on behalf of the IRGC.
Treasury also said Babak Morteza Zanjani, the Iranian financier sanctioned earlier this year, promoted HormuzSafe to his social media followers.
Persian Gulf Marine Insurance Company tied to sanctioned authority
According to Treasury, Persian Gulf Marine Insurance Company was established by the Central Insurance of the Islamic Republic of Iran, the country’s insurance regulator. It brokers policies approved by the Persian Gulf Strait Authority, an IRGC-backed body that OFAC designated on May 27 for supporting the Guard Corps.
The move extends what Treasury described as a pattern of Iranian state-linked entities turning to crypto rails as traditional banking channels become harder to use. Treasury said all property and interests in property of the designated firms that fall under U.S. jurisdiction are blocked. It also said non-U.S. persons could face secondary sanctions for dealing with them.
Same action also hit shipping firms and tankers
In the same announcement, OFAC sanctioned eight shipping companies based in China, Hong Kong, and the Marshall Islands. It also identified eight tankers as blocked property. Treasury said those companies and vessels were involved in transporting millions of barrels of Iranian crude and petroleum products, mostly to China.
Treasury added that it has sanctioned more than 100 vessels tied to Iran’s shadow fleet since the start of the year.
The release also linked the insurance arrangement to revenue streams “decimated by Operation Epic Fury,” and to National Security Presidential Memorandum 2, the administration’s maximum-pressure directive on Iran.