The US Treasury announced new sanctions targeting two Iranian companies accused of operating a maritime insurance scheme for ships transiting the Strait of Hormuz, backed by Iran’s Islamic Revolutionary Guard Corps (IRGC). Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority sold mandatory insurance policies covering risks such as vessel seizures while accepting payments in Bitcoin and other digital assets to circumvent US sanctions. The measures also include sanctions against eight shipping companies and the blocking of eight oil tankers that allegedly transported millions of barrels of Iranian crude oil to China and the UAE. Treasury stated it has now sanctioned over 100 vessels associated with Iran’s shadow fleet in 2026. These sanctions freeze assets subject to US jurisdiction and prohibit transactions involving designated entities.
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