OFAC targets Iran maritime insurance scheme and shadow fleet

WASHINGTON, July 29, 2026 — The Treasury Department targeted an Iranian maritime insurance operation that it said extracts payments from commercial ships in the Strait of Hormuz, expanding pressure on financial channels and vessels linked to Iran’s energy trade.

The Office of Foreign Assets Control designated Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority for operating in Iran’s financial sector. Treasury said the companies broker insurance or maritime services connected to the Islamic Revolutionary Guard Corps and intended to generate revenue from ships transiting the strait.

HormuzSafe accepts Bitcoin and other digital assets, offering insurance, traffic control, security and emergency-response services. Persian Gulf Marine Insurance Company issues policies approved by the Persian Gulf Strait Authority, an IRGC-backed body sanctioned in May.

The action also designated eight shipping companies for operating in Iran’s petroleum sector and identified eight associated tankers as blocked property. Treasury said the vessels transported Iranian crude oil or petroleum products, including shipments to China and the United Arab Emirates. The fleet includes crude oil and chemical-products tankers registered under several flags or with no identified flag.

OFAC acted under Executive Order 13902, which targets Iran’s financial, petroleum and petrochemical sectors. Treasury said it has sanctioned more than 100 vessels linked to Iran’s shadow fleet since the beginning of 2026.

Property and interests in property belonging to the designated or blocked parties that are in the United States or controlled by U.S. persons are blocked and reportable to OFAC. Entities owned 50% or more by blocked persons are also blocked. The new company and vessel entries may affect sanctions screening, ownership checks and maritime counterparty reviews.