The United States imposed new sanctions on Iran on July 27, 2026, targeting two maritime insurance entities and eight vessels linked to a coercive insurance scheme in the Strait of Hormuz. The Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority allegedly require commercial vessels to purchase policies approved by the Islamic Revolutionary Guard Corps (IRGC), with digital asset payments flagged as a sanctions evasion mechanism. OFAC has now sanctioned over 100 vessels linked to Iran’s shadow fleet in 2026 alone, with six of the newly designated entities based in China. Roughly a fifth of the world’s oil passes through the Strait of Hormuz.
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