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OFAC has imposed sanctions on two Iranian maritime companies to curb Iran's attempts to monetize the Strait of Hormuz through a Bitcoin-based ship insurance scheme. The sanctions targeted Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority. According to OFAC, these entities are closely linked to the Islamic Revolutionary Guard Corps (IRGC).
The program in question is the Hormuz Safe program, which was revealed several months ago. The plan was for shipowners to pay Iran for insurance in Bitcoin and other cryptocurrencies to guarantee the safe passage of their vessels through the strait. The scheme is estimated to have generated over $10 billion for the country while helping Iran maintain control of this strategically important waterway after the war.
US Treasury Secretary Scott Bessent stated that the regime desperately needs cash amid a collapsing economy and triple-digit inflation. He emphasized that the United States will not allow Iran to hold global trade hostage or use international shipping to finance terrorism, aggression, and IRGC repression.
The Treasury Department's statement also noted that Babak Morteza Zanjani, who is under US sanctions, had already promoted this scheme to his social media followers. According to reports, Zanjani previously used the Binance exchange to move $850 million, despite his account having been repeatedly flagged as suspicious.
In addition to the insurance scheme, yesterday's sanctions also targeted Iran's "shadow fleet," which, according to the US, is shipping millions of barrels of Iranian crude oil and petroleum products in defiance of restrictions.
The program in question is the Hormuz Safe program, which was revealed several months ago. The plan was for shipowners to pay Iran for insurance in Bitcoin and other cryptocurrencies to guarantee the safe passage of their vessels through the strait. The scheme is estimated to have generated over $10 billion for the country while helping Iran maintain control of this strategically important waterway after the war.
US Treasury Secretary Scott Bessent stated that the regime desperately needs cash amid a collapsing economy and triple-digit inflation. He emphasized that the United States will not allow Iran to hold global trade hostage or use international shipping to finance terrorism, aggression, and IRGC repression.
The Treasury Department's statement also noted that Babak Morteza Zanjani, who is under US sanctions, had already promoted this scheme to his social media followers. According to reports, Zanjani previously used the Binance exchange to move $850 million, despite his account having been repeatedly flagged as suspicious.
In addition to the insurance scheme, yesterday's sanctions also targeted Iran's "shadow fleet," which, according to the US, is shipping millions of barrels of Iranian crude oil and petroleum products in defiance of restrictions.