U.S. Sanctions Two Iranian Maritime Organizations Accused of Funding the IRGC Through Hormuz Shipping Scheme

The United States on Tuesday announced sanctions against two Iranian maritime organizations accused of operating a coercive insurance scheme targeting commercial vessels transiting the Strait of Hormuz.

U.S. Targets Iranian Maritime Insurance Network

The U.S. Treasury Department and State Department designated the Persian Gulf Marine Insurance Company (PGMIC) and the HormuzSafe Marine Services Authority (HMSA) for their alleged roles in generating revenue that benefits Iran's Islamic Revolutionary Guard Corps (IRGC).

According to the Treasury Department, PGMIC brokers and issues insurance policies approved by the Persian Gulf Strait Authority (PGSA), an organization backed by the IRGC. U.S. officials say the policies cover risks such as vessel seizures while accusing Iran of creating those very threats through interference with international shipping in the Strait of Hormuz.

Digital Payment System Allegedly Used to Evade Sanctions

The Treasury Department said HMSA promotes insurance, traffic control, security, and emergency response services for ships transiting the strategic waterway. U.S. officials stated that the organization was established by the Iranian government and accepts cryptocurrency payments, including Bitcoin, to help bypass Western sanctions.

Washington: Iran Cannot Finance Terror Through Global Shipping

'The United States will not allow Iran to hold global commerce hostage or exploit international shipping to fund the IRGC's terrorism, aggression, and repression,' Treasury Secretary Scott Bessent said.

Additional Sanctions on Iran's Shadow Fleet

In addition to the maritime organizations, the Treasury Department imposed sanctions on eight companies accused of operating vessels in Iran's so-called shadow fleet, which has been used to transport Iranian crude oil to buyers, including entities in China, while evading existing international sanctions.