The US Treasury has sanctioned two Iranian companies, HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company, accused of selling mandatory insurance to vessels seeking to cross the Strait of Hormuz. These structures, linked to the Islamic Revolutionary Guard Corps, accepted payment in bitcoin and other cryptocurrencies to circumvent Western sanctions. In 2024, approximately 20 million barrels of oil transited daily through this strait, representing 20% of global petroleum consumption. The use of cryptocurrencies does not exempt payers from the risk of secondary US sanctions, as blockchain transactions can be traced once addresses are identified.
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