US sanctions Iranian insurers, vessels for crypto

The United States has imposed sanctions on two Iranian maritime insurance companies and a number of vessels, targeting a scheme described as a coercive revenue stream for the Islamic Revolutionary Guard Corps that uses cryptocurrency to evade restrictions. The Treasury Department's Office of Foreign Assets Control designated the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, accusing them of brokering insurance policies mandated for commercial vessels transiting the Strait of Hormuz.

Officials stated that the sanctioned entities operate with approval from the IRGC and effectively force ships to purchase the policies to avoid harassment or attack by Iranian forces. The Treasury Department noted that the very risks the insurance purports to cover are created by Iran. Premiums for these policies were reportedly accepted in digital assets, a method used to obscure transactions and bypass traditional banking oversight. The sanctions were formally imposed on July 27, with the State Department announcing related designations on July 29.

In addition to the insurance firms, the Treasury Department sanctioned eight vessels and multiple companies involved...