U.S. Targets Iranian Maritime Insurers Over Bitcoin Payment Allegations

The Office of Foreign Assets Control (OFAC) added HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company to its Specially Designated Nationals list on July 29. Authorities allege these firms mandated that commercial vessels purchase insurance through the state-backed platform before navigating the Strait of Hormuz. According to the Treasury, the service was specifically designed to facilitate payments in digital assets, allowing the regime to tighten control over regional shipping while circumventing Western financial restrictions.

Despite the gravity of the allegations, the public designation lacks verifiable technical data. The Treasury announcement did not disclose Bitcoin addresses, transaction hashes, or specific payment totals. While HormuzSafe previously projected potential earnings of $10 billion annually, these figures remain unverified estimates rather than recorded revenue. The current action effectively elevates the platform from a reported sanctions-evasion proposal to an official U.S. target, though it stops short of providing proof that Bitcoin has become a significant component of the operation’s financial flow.

Alongside the insurance providers, the U.S. sanctioned eight shipping firms and eight tankers registered in China, Hong Kong, and the Marshall Islands for their role in transporting Iranian petroleum. Vessels such as the Well Sail and Lily were identified as blocked property, with the Treasury noting they had moved millions of barrels of crude oil to China since 2022. This move complicates logistics in the Strait of Hormuz, a critical maritime artery that accounts for over one-quarter of global seaborne oil trade. Any assets belonging to these entities that touch U.S. jurisdiction are now subject to seizure, and any foreign financial institution facilitating transactions with these parties risks secondary sanctions exposure.