The Office of Foreign Assets Control (OFAC) sanctioned on Wednesday two Iranian firms requiring vessels to purchase maritime « insurance » to transit the Strait of Hormuz, which carries a fifth of the world’s oil. One of them, HormuzSafe Marine Services Authority, accepts Bitcoin and other digital assets to evade Western sanctions. Treasury Secretary Scott Bessent said the Iranian regime is « desperate for cash, » with its economy « in freefall » and triple-digit inflation. The action also designated eight tankers and their operators, most registered in Hong Kong, linked to Iran’s shadow fleet, which has seen over 100 vessels sanctioned since January.
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