OFAC sanctions Iranian maritime insurance network, eight shadow-fleet tankers
The United States sanctioned two Iranian maritime insurance firms, eight shipping companies and eight tankers over an alleged Strait of Hormuz extortion scheme and Iranian oil shipments.
WASHINGTON, July 29, 2026 — The Treasury Department imposed sanctions on 10 companies and identified eight vessels as blocked property, targeting what it described as an Iranian regime-backed maritime insurance scheme and shadow-fleet oil network.
The Office of Foreign Assets Control designated Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority under Executive Order 13902 for operating in Iran’s financial sector. Treasury alleged that the companies forced commercial vessels transiting the Strait of Hormuz to purchase insurance approved by entities linked to Iran’s Islamic Revolutionary Guard Corps.
According to Treasury, the policies purported to cover risks including vessel seizures, while generating revenue for the Iranian government and the IRGC. HormuzSafe also accepted bitcoin and other digital assets in an effort to bypass Western sanctions, the department said.
OFAC also sanctioned eight shipping and vessel-management companies based in Hong Kong, mainland China and the Marshall Islands. The companies were linked to eight crude oil or petroleum-product tankers accused of transporting Iranian cargoes, primarily to China and the United Arab Emirates.
The blocked vessels are Well Sail, Natsumi, Crystal, Nireta, Yehope, Lily, Al Salmi and Breeze V. Treasury said the ships transported quantities ranging from hundreds of thousands to millions of barrels of Iranian crude oil or petroleum products.
The action blocks property and interests in property belonging to the designated parties that are within the United States or controlled by U.S. persons. Entities owned 50% or more by blocked persons are also generally subject to sanctions.
OFAC warned that US and foreign financial institutions and other businesses could face sanctions exposure for certain transactions involving the designated companies or vessels. The measures were imposed under authorities targeting Iran’s petroleum, petrochemical and financial sectors.
Regulatory Actions
Structured data extracted from official sources and validated by sanctions experts