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US Hits Iran's Hormuz Shipping Network, Shadow Fleet With New Sanctions

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The US sanctioned two Iranian companies that charge for safe passage through the Strait of Hormuz and eight tankers linked to the country's crude exports, accusing the Islamic Revolutionary Guard Corps-backed network of operating an extortion scheme, the Treasury Department said on Wednesday.

Treasury's Foreign Assets Control said the sanctions target the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, which allegedly force vessels to buy mandatory maritime "insurance" to transit Hormuz.

"The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC's terrorism, aggression, and repression," US Secretary of the Treasury Scott Bessent said in a statement.

Treasury said that HormuzSafe accepted payments in Bitcoin and other digital assets to help circumvent Western sanctions. The US alleged that the company was generating revenue for the IRGC while giving Tehran greater control over shipping activity in the strategic waterway.

The US also targeted eight companies operating in Iran's petroleum sector and identified eight tankers as blocked property.

OFAC said that the vessels had transported millions of barrels of Iranian crude oil and petroleum products, primarily to China and the UAE.

The Department has blacklisted more than 100 vessels linked to Iran's so-called "shadow fleet" since the beginning of the year.

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