#What are the new US sanctions on Iran's maritime revenue network?
The US Treasury's Office of Foreign Assets Control has issued a fresh set of sanctions aimed at disrupting Iran's maritime revenue operations. This initiative includes two companies allegedly operating an insurance scheme for vessels connected to the Islamic Revolutionary Guard Corps, particularly transiting through the vital Strait of Hormuz.
#How do these firms operate?
The Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority are accused of providing mandatory insurance policies that cover risks associated with shipping, such as vessel seizures. Importantly, these companies facilitated payments in Bitcoin and other cryptocurrencies, enabling them to evade existing sanctions.
This insurance scheme serves a dual purpose. It not only generates revenue for the IRGC but also strengthens Iran's grip on commercial shipping activities in one of the world’s busiest maritime routes.
#What is the significance of these sanctions?
The sanctions are implemented under Executive Order 13902, which reflects the broader US strategy to amplify economic pressure on Iran. In a related move, the Treasury has sanctioned eight shipping companies and blocked eight oil tankers believed to have transported millions of barrels of Iranian crude oil to markets including China and the UAE. As of 2026, more than 100 vessels associated with Iran’s shadow fleet have been sanctioned.
The recent measures freeze all U.S. assets belonging to the designated entities and terminate any transactions involving these parties. Treasury officials have also cautioned that non-US individuals or entities might be subject to penalties if they assist sanctioned organizations or attempt to circumvent US sanctions.