By Isaac • July 30, 2026 10:41 am •
The U.S. Treasury Department says Iran built a maritime insurance operation around a threat it largely created itself.
Ships passing through the Strait of Hormuz were allegedly pushed to buy mandatory coverage against seizure and other dangers tied to the Iranian regime.
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The payment options included Bitcoin and other digital assets.
On Wednesday, the Office of Foreign Assets Control sanctioned the two firms at the center of the operation: Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority.
Treasury describes the arrangement as an Islamic Revolutionary Guard Corps-backed extortion scheme that turned access to one of the world’s most important shipping lanes into a revenue source for the regime.
OFAC announced the action publicly as
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