US Sanctions Iranian Firms Using Bitcoin for Bribes

The U.S. Treasury Department has sanctioned two Iranian maritime insurance firms, HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company, for their alleged involvement in a scheme that forces commercial ships to pay for safe passage through the Strait of Hormuz. These entities have been added to the Specially Designated Nationals list, effectively blocking them from engaging in transactions with U.S. persons or within U.S. jurisdiction.

According to the Treasury, these firms support an Islamic Revolutionary Guard Corps (IRGC)-backed operation that collects payments, reportedly including Bitcoin and other digital assets, from vessels. The use of cryptocurrencies is believed to be an attempt to circumvent Western sanctions. The sanctions are imposed under Executive Order 13902, which targets Iran's financial sector and subjects entities to secondary sanctions.

This action highlights the ongoing efforts by the U.S. to enforce sanctions against Iran and disrupt its financial networks. By blacklisting these maritime service providers, the U.S. aims to increase pressure on the IRGC and its affiliated operations. The designation means any assets of these sanctioned entities that come into U.S. possession or control must be frozen, and U.S. persons are prohibited from transacting with them unless specifically authorized.