The United States blacklisted on July 29 two Iranian maritime insurance firms, HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company, for their role in an IRGC-backed scheme that forces commercial vessels to buy insurance for passage through the Strait of Hormuz. HormuzSafe accepts Bitcoin and other digital assets to bypass Western sanctions. Both entities were designated under Executive Order 13902 for operating in Iran’s financial sector and are subject to secondary sanctions. U.S. persons must block and report covered property within 10 business days. Foreign counterparties’ exposure hinges on ownership, conduct and any U.S. nexus, not transit through the strait alone.
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