US sanctions Iranian firms over Strait of Hormuz insurance scheme

Seatrade Maritime reported that the U.S. Treasury’s Office of Foreign Assets Control imposed sanctions on two Iranian companies over a mandatory insurance scheme for vessels transiting the Strait of Hormuz. The measures concern Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority.

Sanctions against the insurance scheme

According to the U.S. Treasury, the companies are linked to an Islamic Revolutionary Guard Corps-backed scheme that forced commercial vessels to purchase mandatory maritime “insurance” to transit the strait.

PGMIC brokers and issues policies approved by the Persian Gulf Strait Authority, which the Treasury describes as IRGC-backed. OFAC said the cover was presented as protection against risks such as vessel seizures, while those risks are “overwhelmingly created by Iran itself.”

HormuzSafe, according to i24NEWS, advertises insurance, traffic control, security and emergency response services for vessels transiting the strait, and accepts payment including Bitcoin and other digital assets.

Shadow fleet vessels added

OFAC also expanded its list of sanctioned vessels. Seatrade Maritime said eight ships were added: the 2007-built product tanker Well Sail (IMO 9321938) and seven crude oil tankers.

They include the 2005-built VLCC Lily (IMO 9294331), which Equasis data says is flying a false Mozambique flag.