The US Treasury’s Office of Foreign Assets Control (OFAC) announced a new round of sanctions targeting Iran’s maritime revenue network, including two firms accused of operating an IRGC-backed insurance scheme for ships transiting the Strait of Hormuz.

Treasury said Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority sold mandatory insurance policies covering risks such as vessel seizures while accepting payments in Bitcoin and other digital assets to circumvent sanctions.

According to the Treasury, the insurance scheme was designed to generate revenue for the IRGC while giving Iran greater influence over commercial shipping through one of the world’s busiest waterways. The sanctions were imposed under Executive Order 13902 as part of the US campaign to increase economic pressure on Iran.

In addition, OFAC sanctioned eight shipping companies and blocked eight oil tankers that allegedly transported millions of barrels of Iranian crude oil and petroleum products to destinations including China and the UAE. Treasury said it has now sanctioned more than 100 vessels associated with Iran’s shadow fleet in 2026.

The latest measures freeze assets subject to US jurisdiction and prohibit transactions involving designated entities. Treasury also warned that non-US persons may face penalties if they assist sanctioned parties or facilitate efforts to evade US sanctions.

Fars News reported in May that Iran introduced Hormuz Safe to settle policies in Bitcoin for vessels sailing through the Strait of Hormuz in another step in its growing use of digital assets to circumvent sanctions.

Ship operators obtain insurance coverage and liability certificates through the maritime insurance platform, while separate reports indicate vessels may also be required to pay transit fees in crypto assets. Tehran believes the initiative could generate more than $10 billion in revenue while strengthening its oversight of shipping through the strategic chokepoint.