The United States has announced a new round of sanctions against Iran, further increasing economic pressure on the country.
The US Department of the Treasury announced the new sanctions, claiming that Tehran had been collecting mandatory maritime insurance payments from commercial ships passing through the Strait of Hormuz and using those funds to provide financial support for the activities of Iran’s Islamic Revolutionary Guard Corps (IRGC). According to US officials, the new sanctions are aimed at targeting this alleged network.
According to a statement issued by the US Treasury Department’s Office of Foreign Assets Control (OFAC), sanctions have been imposed on two Iranian entities, eight companies involved in oil trading, and several oil tankers. The entities are accused of helping Iran continue its oil exports and financial activities.
US officials said the sanctions focus on an alleged financial network operating in the Strait of Hormuz, through which commercial vessels were reportedly required to purchase mandatory maritime insurance.
The United States claims that although the system appeared to provide security for ships, it was actually being used to collect funds to financially support the activities of Iran’s Islamic Revolutionary Guard Corps (IRGC).
The statement identified the two sanctioned Iranian entities as Persian Gulf Marine Insurance Company and Hormoz Safe Marine Services Authority. According to the US Treasury Department, Hormoz Safe also accepted payments in Bitcoin and other digital assets in an effort to evade Western sanctions.
As part of the action, the United States also targeted Iran’s alleged “shadow fleet.” US officials said that several oil tankers were involved in transporting Iranian crude oil and petroleum products, particularly to China. Eight shipping companies linked to those tankers have also been added to the sanctions list.
