Washington, July 30: The United States has imposed sanctions on two Iranian maritime service companies. Washington alleges these firms were operating an insurance scheme that extorted fees from commercial vessels passing through the Strait of Hormuz, with support from the Islamic Revolutionary Guard Corps (IRGC).
The U.S. Treasury Department has also sanctioned eight companies operating oil tankers accused of delivering millions of barrels of Iranian crude oil and petroleum products, primarily to China and the United Arab Emirates (UAE).
The two Iranian entities identified by the U.S. State Department are Persian Gulf Marine Insurance Company and Hormuzsafe Marine Services Authority. The department claims these companies charged fees under the guise of providing security coverage for vessels, while many of the risks they purported to cover stemmed from Iran’s own actions.
State Department spokesperson Tommy Pigott stated, “These entities create risks such as the seizure of vessels and then charge commercial ships for protection against those very threats. The funds generated support IRGC activities and Iran’s broader destabilizing policies in the region.”
U.S. Treasury Secretary Scott Besant emphasized that the goal of these sanctions is to prevent Iran from using international shipping to fund the IRGC.
Besant remarked, “Iran’s economy is under severe pressure, and inflation is at high levels, making funds critically necessary for the regime. The U.S. will not allow Iran to hold global trade hostage or use international shipping to financially support IRGC’s terrorist activities, aggression, and repression.”
According to the Treasury Department, Persian Gulf Marine Insurance Company brokers insurance policies approved by the IRGC-backed Persian Gulf Strait Authority, which was sanctioned in May for supporting the IRGC.
Hormuzsafe advertises insurance, traffic control, security, and emergency services for vessels. The Treasury claims this company also accepts Bitcoin and other digital assets as payment in an effort to evade Western sanctions.
The latest action includes companies based in China, Hong Kong, and the Marshall Islands. Eight oil tankers associated with these companies fly flags from Barbados, Mozambique, Vanuatu, and the Marshall Islands, while the flag of one vessel remains unclear.
The vessels are named Well Sell, Lily, Al Salmi, Breeze-V, Natsumi, Crystal, Nireta, and Yehop. The Treasury alleges these ships transported Iranian oil or petroleum products to China and the UAE between 2022 and 2026.
The State Department noted that these vessels are part of Iran’s so-called “shadow fleet,” which Tehran uses to evade sanctions. The department also stated that this new action supports the enforcement of U.S. sanctions on Iranian ports and coastlines. So far this year, Washington has sanctioned over 100 vessels linked to Iran’s shadow fleet.
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