The move targets two Iranian firms accused of extorting bitcoin payments from vessels to fund the IRGC amid Strait of Hormuz tensions.
The US Treasury sanctioned two Iranian maritime insurance entities, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, for operating a scheme that accepted bitcoin and other digital assets. Officials allege the firms forced commercial ships transiting the Strait of Hormuz to purchase coverage, funneling proceeds to the Islamic Revolutionary Guard Corps (IRGC).
The designations bar US persons from engaging with the firms and expose foreign entities, including crypto payers, to secondary sanctions. The Treasury described the operation as extortion, noting the policies covered risks allegedly created by Iran itself, exacerbating tensions in the critical energy chokepoint.
The sanctions arrive as oil prices remain elevated due to geopolitical risks in the region. The move underscores US efforts to curb Iran’s financial networks amid broader restrictions on its oil exports and military funding.