On July 29, the U.S. Treasury Department announced that it was adding two Iranian marine insurance-related entities to its sanctions list, alleging that they were involved in a revenue system linked to the Iranian Islamic Revolutionary Guard Corps and helped circumvent Western restrictions by collecting digital assets such as Bitcoin. This action also covers eight shipping companies and eight oil tankers.
The sanctioned institution includes Strait Insurance.
The U.S. Office of Foreign Assets Control (OFAC) has added HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company to its Specially Designated Nationals List. Both entities are accused of conducting business in Iran's financial sector under Executive Order 13902.
The U.S. Treasury Department stated that the system requires merchant ships to purchase designated marine insurance before passing through the Strait of Hormuz. The Treasury Department also stated that HormuzSafe, promoted by the Iranian Ministry of Economy, accepts payments in Bitcoin and other digital assets and generates revenue for networks associated with the Iranian Revolutionary Guard.
The publicly available documents do not list on-chain evidence.
However, the Treasury Department's announcement and the OFAC list did not disclose Bitcoin addresses, transaction hashes, payment amounts, or specific customer information. The publicly available information confirms that the United States has imposed sanctions and the content of its allegations.
The report mentions that Iranian state-backed media had previously claimed that the platform could generate over $10 billion in revenue annually. However, this figure is a projection, not actual revenue. To date, publicly available materials do not contain independently sourced data or verified Bitcoin payment records.
Eight companies and eight oil tankers were affected.
OFAC also sanctioned eight companies accused of involvement in the transport of Iranian oil. These companies are registered in China, Hong Kong, and the Marshall Islands. The U.S. Treasury Department stated that they are linked to ships transporting Iranian crude oil or petroleum products.
The eight oil tankers designated as restricted property include the Well Sail, Lily, Al Salmi, Breeze V, Natsumi, Crystal, Nireta, and Yehope. The Ministry of Finance stated that some of these vessels have transported millions of barrels of Iranian oil to China since 2022.
Scope of restrictions after sanctions take effect
Under OFAC rules, the assets of listed entities within U.S. jurisdictions must be frozen and reported. If a company has more than 50% of its shares held by one or more sanctioned parties, it will be subject to restrictions even if it is not specifically named.
U.S. individuals are generally prohibited from providing funds, services, or other economic benefits to these entities. Non-U.S. financial institutions that knowingly assist in such transactions may also face sanctions.
Additional information:The operation did not announce the seizure of crypto assets, nor did it release criminal charges against the clients involved. The report also mentioned that US law enforcement had previously frozen $344 million in USDT related to Iran, involving two Tron addresses; unlike Bitcoin, USDT can be frozen by a centralized issuer.
