U.S. Treasury Sanctions Iran's Hormuz Strait Insurance Network Involving Bitcoin Payments

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

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