The US Treasury has sanctioned two Iranian companies accused of running an Islamic Revolutionary Guard Corps (IRGC)-backed scheme that allegedly extorts vessels transiting the Strait of Hormuz through compulsory insurance. The Treasury’s Office of Foreign Assets Control (OFAC) said Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority generated revenue by forcing ships to buy insurance against risks “overwhelmingly created by Iran itself”.
OFAC also added eight vessels to its sanctions list, including product tanker Well Sail and seven crude oil tankers, accusing them of transporting Iranian crude to China and, in the case of Well Sail, Iranian petroleum products to the UAE. US Treasury Secretary Scott Bessent said Washington would not allow Iran to “hold global commerce hostage” or use international shipping to finance the IRGC.