The US Treasury’s Office of Foreign Assets Control sanctioned on July 29 two Iranian companies linked to the Islamic Revolutionary Guard Corps. The firms, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, allegedly forced commercial vessels to purchase mandatory maritime insurance to transit the Strait of Hormuz, covering risks that Iran itself generates including vessel seizures. The insurance policies were structured to accept payments in digital assets, allowing Iranian entities to bypass traditional banking channels subject to US sanctions. OFAC also sanctioned eight shipping companies based in China, Hong Kong, and the Marshall Islands for their ties to Iran’s petroleum industry. The immediate market impact on Bitcoin and major digital assets appears limited.
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