The United States has imposed sanctions on two Iranian companies accused of operating an Islamic Revolutionary Guard Corps (IRGC)-backed "extortion scheme" that compels commercial vessels to purchase maritime insurance before transiting the Strait of Hormuz, one of the world's most critical oil shipping chokepoints.

According to the Treasury Department, the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority sell mandatory, Iranian-approved insurance policies that purportedly protect vessels from seizures and other maritime risks — threats largely generated by Tehran itself. The Strait of Hormuz, which connects the Persian Gulf to the Gulf of Oman and the Arabian Sea, handles roughly one-fifth of global daily oil consumption, making it a strategically vital waterway for international energy supplies.

Washington reports that HormuzSafe also accepts payment in bitcoin and other digital assets, a mechanism that enables Iran to circumvent existing sanctions while consolidating its influence over commercial shipping through the strait.

US Treasury Secretary Scott Bessent accused Iran of holding global commerce hostage and leveraging international shipping activity to finance the IRGC.

The sanctions action arrives amid mounting uncertainty over the future governance of Hormuz. Tehran has been advocating for expanded oversight of inbound and outbound maritime traffic, while Oman has advanced a proposed regional management framework designed to prevent any single nation — including Iran — from exercising sole operational control.

In a parallel move, the Treasury's Office of Foreign Assets Control (OFAC) sanctioned eight oil tankers along with their owning and managing companies for transporting Iranian crude oil and petroleum products. The designated vessels are the 2006-built Well Sail, Lily, Al Salmi, Breeze V, Natsumi, Crystal, Nireta, and Yehope. These ships are connected to corporate entities registered in China, Hong Kong, and the Marshall Islands and operate under various flags of convenience, including those of Mozambique, Barbados, and Vanuatu.

Flags of convenience — the practice of registering vessels in countries with minimal regulatory oversight — have become a hallmark of Iran's so-called shadow fleet, which expanded significantly after the US withdrew from the Joint Comprehensive Plan of Action (JCPOA) in 2018 and reimposed sweeping sanctions on Iran's oil sector. The same tactic has been adopted by Russia following Western sanctions imposed after its 2022 invasion of Ukraine, producing a parallel network of aging, often opaque tankers operating outside established regulatory frameworks.

Washington stated that the sanctioned tankers have transported millions of barrels of Iranian oil, primarily destined for China, since 2022.

Since the beginning of the year, OFAC has now sanctioned more than 100 vessels linked to Iran's so-called shadow fleet, as part of a broader effort to constrict Tehran's oil revenue streams and bolster US military interdiction operations.

Source: Splash247