The latest sanctions, announced by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), target a maritime insurance network that the U.S. says is supported by the IRGC┬а. The network is accused of compelling commercial vessels passing through the Strait of Hormuz to purchase insurance, generating funds for the IRGC and helping Iran evade sanctions┬а.
Entities and Firms Sanctioned
OFAC sanctioned several entities and vessels connected to this network:
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Key Iranian Firms:┬аThe sanctions target two Iranian companies at the center of the network:┬аPersian Gulf Marine Insurance Company┬аand┬аHormuzSafe Marine Services Authority┬а.
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Cryptocurrency Evasion:┬аHormuzSafe is accused of accepting Bitcoin and other cryptocurrencies to bypass international sanctions, with a "digital insurance" service launched in May┬а.
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Targeted Vessels:┬аThe action also sanctions eight vessels linked to Iran's "shadow fleet" that transport Iranian crude oil and petroleum products┬а. These include Well Sail, Lily, Al Salmi, Breeze V, Natsumi, Crystal, Nireta, and Yehope┬а.
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Six Firms and Individuals:┬аThe overall action affects six firms and individuals across the mentioned countries for their alleged ties to the IRGC.
Context of the Sanctions
The new sanctions come amid heightened tensions over control of the Strait of Hormuz. The U.S. has recently resumed a naval blockade of Iranian ports, and Iran has introduced legislation asserting its control over the strait┬а.
The U.S. sanctions are also part of a broader legislative push. A new sanctions bill against Russia, which includes provisions to levy tariffs of up to 100% on the five largest importers of Russian oil and gas-which include China and India-has been advanced in the U.S. Senate┬а. China has responded by criticizing the unilateral sanctions┬а.
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