The United States has imposed sanctions on two entities that it says are involved in an Iran-linked transit fee system for vessels passing through the Strait of Hormuz.
In a statement issued on Wednesday, the U.S. Treasury designated Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority. The Treasury alleged that the entities are central to an “insurance” operation linked to the Islamic Revolutionary Guard Corps.
According to the Treasury, the two entities are used to conceal safe-passage transit fees and rely on digital currencies to evade sanctions enforcement. Cryptocurrency payments to the IRGC have also been reported in connection with vessel transits through the Iranian-controlled northern section of the strait.
HormuzSafe Marine Services Authority, which was launched in May, presents itself as a digital marine insurance provider. It advertises emergency response and security arrangements for shipping companies transiting the Strait of Hormuz.
The entity accepts payments in Bitcoin through the Lightning Network, Tether, USDC, credit cards and wire transfers. It claims to have served 15,000 vessels since its launch.
The Treasury said HormuzSafe Marine Services Authority generates revenue for the IRGC and supports efforts to increase the organisation’s control over shipping activity.
Marine insurers are aware of the compliance risks associated with transactions involving IRGC-linked entities. According to underwriters at Lloyd’s Market, shipowners found to have paid Iran for safe passage may risk losing Western insurance cover.
The Treasury also designated eight tankers that it said had worked for Iran. The list includes the Chinese-owned Well Sail, Lily, Al Salmi, Breeze V, Natsumi and Crystal, as well as the Marshall Islands-owned Nireta and Yehope.
The holding companies listed as the owners of the eight vessels were also sanctioned.
