The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on two Iranian companies central to what it describes as an illicit insurance program targeting commercial ships navigating the Strait of Hormuz.
Announced on July 29, 2026, the designations target entities accused of compelling vessels to purchase coverage framed as protection against risks that Iran itself largely generates, while channeling proceeds toward the Islamic Revolutionary Guard Corps (IRGC).
The sanctioned firms are the Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority, also referred to as Hormuz Safe.
According to Treasury officials, these organizations facilitate IRGC-endorsed policies that vessels must obtain to pass through the strategic waterway.
The coverage supposedly addresses threats such as ship seizures, yet authorities emphasize that Iran is primarily responsible for creating those very dangers.
Payments under the arrangement have included Bitcoin and other digital assets, which the regime has used in efforts to circumvent international financial restrictions.
Hormuz Safe, developed under Iran’s Ministry of Economy, markets itself as a provider of digital maritime services encompassing insurance, traffic management, security, and emergency assistance for ships in the strait.
Treasury notes that it accepts cryptocurrency payments specifically to sidestep Western sanctions and generates funds on behalf of the IRGC, thereby enhancing the regime’s influence over regional shipping.
The company was promoted on social media by Babak Morteza Zanjani, an Iranian financier previously sanctioned by the United States.
PGMIC, established by Iran’s primary insurance regulator, the Central Insurance of the Islamic Republic of Iran, acts as a broker for policies approved by the Persian Gulf Strait Authority (PGSA).
The PGSA, an IRGC-linked body, had itself been designated by OFAC in May 2026 for providing material support to the Guard Corps.
Both newly sanctioned companies were targeted under Executive Order 13902 for their activities in Iran’s financial sector.
Treasury Secretary Scott Bessent highlighted the economic pressures facing Iran, stating that with the economy in freefall and inflation reaching triple digits, the regime is urgently seeking revenue sources.
He underscored that the United States will not permit Iran to leverage global commerce or shipping routes to finance IRGC activities involving terrorism, aggression, or internal repression.
In parallel actions, OFAC designated several companies and identified multiple tankers as blocked property for their roles in transporting Iranian crude oil and petroleum products.
These vessels form part of Iran’s shadow fleet, a network used to sustain oil revenues despite sanctions. Since the start of 2026, more than 100 such vessels have faced US designations.
The latest measures aim to reinforce military interdiction efforts and intensify pressure on Iran’s energy sector, aligning with broader maximum pressure policies.
The designations freeze any US-based assets of the targeted entities and generally prohibit American persons from engaging in transactions with them.
Foreign parties risk secondary sanctions exposure for dealings involving the designated firms or vessels.
Officials frame the insurance initiative as an attempt to replace revenues disrupted by prior operations, allowing Iran to extract funds under the appearance of legitimate maritime services while tightening control over one of the world’s critical energy transit points. These steps form part of ongoing U.S. efforts to disrupt Iran’s methods of generating income through the Strait of Hormuz and its associated logistics networks.