This was reported by the OFAC press service, Ukrinform reports.

The sanctions target the insurance companies Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, which, according to the U.S. Treasury, play a key role in a extortion scheme organized by the Islamic Revolutionary Guard Corps (IRGC), in which commercial vessels were forced to purchase mandatory maritime insurance in order to pass through the Strait of Hormuz. It is said to protect ships from risks such as seizure, although these risks are allegedly created by Iran itself.

OFAC stated that through these companies, the Iranian regime sells IRGC-approved insurance policies while generating revenue under the guise of providing maritime services. Payments are reportedly accepted in digital assets, helping the network evade international sanctions. According to the U.S. Treasury, this enables Tehran to strengthen its control over maritime shipping and channel the proceeds to IRGC activities.

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In addition, the U.S. Treasury imposed sanctions on eight companies operating oil tankers sailing under various flags. According to the department, these companies transported Iranian crude oil and petrochemical products to China and the United Arab Emirates in violation of international sanctions.

"With its economy in freefall and inflation in the triple digits, the regime is desperate for cash. 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," said U.S. Treasury Secretary Scott Bessent.

As previously reported, on July 29, the Islamic Revolutionary Guard Corps Navy attacked three commercial vessels that had allegedly ignored Iranian instructions to avoid unauthorized passage through the Strait of Hormuz.

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