U.S. Sanctions Iranian Maritime Firms Over Crypto-Based Evasion
On July 29, 2026, the US Treasury sanctioned Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority for operating an IRGC-backed maritime insurance network. HormuzSafe accepted Bitcoin to evade sanctions and control shipping through the Strait of Hormuz, which handles one-fifth of global oil trade. The Treasury also blocked eight shadow fleet vessels, while Secretary Scott Bessent vowed to protect global commerce.
US Treasury sanctions Iranian firms
▪The United States Treasury sanctioned eight companies linked to Iran's shadow fleet and identified eight vessels as blocked property on July 29, 2026.
▪On July 29, 2026, the United States Treasury's Office of Foreign Assets Control sanctioned Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority.
HormuzSafe Bitcoin payment acceptance
▪On May 18, 2026, screenshots of the HormuzSafe website circulated online offering digital maritime cargo insurance policies payable in Bitcoin.
▪HormuzSafe Marine Services Authority accepted Bitcoin and other digital assets to bypass Western sanctions and generate revenue for the Islamic Revolutionary Guard Corps.
IRGC-backed insurance network allegations
▪The alleged Islamic Revolutionary Guard Corps-backed insurance network required commercial vessels to purchase approved coverage before transiting the Strait of Hormuz.
▪The United States Treasury's Office of Foreign Assets Control alleged that Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority operated an insurance network backed by the Islamic Revolutionary Guard Corps.
Strait of Hormuz strategic significance
▪The Strait of Hormuz handles approximately one-fifth of the global oil trade, making efforts to control its traffic highly impactful for international energy markets.
▪United States Treasury Secretary Scott Bessent accused the Iranian regime of using international shipping through the Strait of Hormuz to finance the Islamic Revolutionary Guard Corps.
Bitcoin use in sanctions evasion
▪Bitcoin is attractive to sanctioned actors because it lacks a centralized issuer capable of freezing funds, unlike centralized stablecoins.
▪In April 2026, United States authorities froze $344 million in Tether stablecoins linked to Iran.
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