US Expands Iran Sanctions to Target Marine Insurers and Tankers
Key Takeaways
- •OFAC has designated more than 100 vessels connected to Iran's shadow fleet since the beginning of 2026 in an effort to curtail Iranian oil revenues.
- •The Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority were sanctioned for allegedly compelling ships transiting the Strait of Hormuz to purchase Iranian-backed maritime coverage that generated revenue for the IRGC.
- •HormuzSafe was specifically accused of accepting payments in digital assets to facilitate sanctions evasion.
- •Eight tankers were designated for allegedly transporting millions of barrels of Iranian crude oil and petroleum products to destinations including China and the UAE.
The United States has expanded its sanctions on Iran's maritime sector, targeting marine insurers and tankers connected to the country's shipping and energy networks.
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) announced the latest measures on Wednesday as part of ongoing efforts to disrupt Iranian petroleum exports. According to the Treasury, the US has sanctioned more than 100 ships linked to Iran's "shadow fleet" since the beginning of 2026 in a broader campaign to curb the nation's oil revenues. The so-called shadow fleet typically consists of older, often anonymously owned tankers that operate outside Western insurance and regulatory frameworks, enabling sanctioned oil to reach buyers while concealing the origin of the cargo.
Among the newly designated entities are the Persian Gulf Marine Insurance Company (PGMIC) and the HormuzSafe Marine Services Authority. OFAC alleges that these organizations operated an insurance scheme requiring commercial vessels transiting the Strait of Hormuz—a critical chokepoint for global maritime trade through which roughly one-fifth of the world's daily oil supply passes—to purchase maritime coverage backed by the Iranian regime. Marine insurance, particularly protection and indemnity coverage, is a legal prerequisite for vessels calling at most major ports, making access to such coverage a leverage point. The Treasury stated that this insurance purportedly protected ships against risks such as vessel seizures while simultaneously generating revenue for the Islamic Revolutionary Guard Corps (IRGC). Furthermore, HormuzSafe was specifically accused of accepting payments in digital assets to facilitate sanctions evasion. OFAC designations generally freeze any US-based assets of the listed entities and bar American persons from conducting transactions with them.
The sanctions also apply to eight tankers and their associated owners and operators. The designated vessels include the Well Sail, Lily, Al Salmi, Breeze V, Natsumi, Crystal, Nireta, and Yehope. These ships stand accused of transporting millions of barrels of Iranian crude oil and related petroleum products to international destinations, notably China and the United Arab Emirates (UAE).
Source: Ship & Bunker