The United States on Wednesday sanctioned two Iranian firms — HormuzSafe Marine Services Authority and the Persian Gulf Marine Insurance Company — that force commercial vessels to purchase mandatory insurance to transit the Strait of Hormuz. HormuzSafe accepts Bitcoin and other digital assets to circumvent Western sanctions, according to the Treasury. Both firms, designated under Executive Order 13902, operate with support from Iran’s Islamic Revolutionary Guard Corps. Eight shipping companies based in China, Hong Kong and the Marshall Islands were also sanctioned in the same action, along with eight tankers identified as blocked property. The Treasury said it has sanctioned more than 100 vessels tied to Iran’s shadow fleet since the start of the year.
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