| Source: US OFAC news |
| Summary: The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned two Iranian firms, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, for operating an extortion scheme in the Strait of Hormuz. These firms, backed by the Islamic Revolutionary Guard Corps (IRGC), force commercial vessels to purchase mandatory maritime insurance, generating revenue for the regime under the guise of maritime services. Payments are often made in digital assets to evade sanctions. Additionally, OFAC sanctioned multiple vessels and companies involved in transporting Iranian crude oil and petroleum products, targeting Iran’s shadow fleet that sustains its oil revenues despite international sanctions. The actions were taken under Executive Order 13902, aiming to disrupt Iran’s illicit financial networks and pressure its petroleum sector. The names of the sanctioned individuals and entities are listed in the original article on the OFAC website. |
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Treasury Disrupts Iranian Regime’s Strait of Hormuz Extortion Network
| Source: US OFAC news |
| Summary: The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned two Iranian firms, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, for operating an extortion scheme in the Strait of Hormuz. These firms, backed by the Islamic Revolutionary Guard Corps (IRGC), force commercial vessels to purchase mandatory maritime insurance, generating revenue for the regime under the guise of maritime services. Payments are often made in digital assets to evade sanctions. Additionally, OFAC sanctioned multiple vessels and companies involved in transporting Iranian crude oil and petroleum products, targeting Iran’s shadow fleet that sustains its oil revenues despite international sanctions. The actions were taken under Executive Order 13902, aiming to disrupt Iran’s illicit financial networks and pressure its petroleum sector. The names of the sanctioned individuals and entities are listed in the original article on the OFAC website. |
| Read full article → |
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