News
The U.S. Department of the Treasury (USDT) has sanctioned two Iranian maritime firms involved in an alleged Islamic Revolutionary Guard Corps (IRGC)-backed insurance network.
On Wednesday, the USDT’s Office of Foreign Assets Control (OFAC) said that Persian Gulf Marine Insurance Co. and HormuzSafe Marine Services Authority were integral to what it described as an IRGC-backed insurance network that required commercial vessels to buy approved coverage before transiting the Strait of Hormuz.
U.S. authorities now allege the network generated revenue for the IRGC. The OFAC said HormuzSafe accepted BTC and other crypto as part of efforts to evade sanctions. It alleged that the platform generated revenue on behalf of the IRGC while helping Iran exert greater control over shipping through the strait.
