The U.S. Treasury Sanctions Iran's Hormuz Strait Insurance Network, Involving the Use of Bitcoin to Evade Sanctions

OdailyOdaily Planet Daily News The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has imposed sanctions on Persian Gulf Maritime Insurance Company and HormuzSafe Maritime Services Administration. These two companies provide insurance policies approved by Iran's Islamic Revolutionary Guard Corps for commercial vessels transiting the Strait of Hormuz, and accept payments in digital assets such as Bitcoin to evade sanctions. OFAC also sanctioned eight shadow fleet vessels transporting Iranian crude oil and petroleum products, along with their affiliated companies, including Well Sail, Lily, Al Salmi, Breeze V, Natsumi, Crystal, Nireta, and Yehope. Since the beginning of this year, OFAC has sanctioned over 100 vessels linked to Iran's shadow fleet.