The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against two Iranian companies, alleging their involvement in a toll network for passage through the Strait of Hormuz. The U.S. accuses these entities of requiring merchant ships to purchase so-called mandatory insurance and accepting payments in digital assets such as Bitcoin to circumvent Western financial sanctions.
Two organizations were added to the sanctions list.
The entities sanctioned are Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority. The U.S. Treasury Department stated that both companies are linked to the Iranian Islamic Revolutionary Guard Corps and are key components of its fee-charging system.
The Strait of Hormuz is one of the world's most important oil shipping routes. The U.S. Treasury Department says the arrangement charges commercial vessels transiting the strait fees, ostensibly for insurance and maritime services, but in reality, it is a mandatory fee.
Fees and payment methods point to crypto assets
According to the US, Iran has been charging oil tankers approximately $1 per barrel of cargo for passage since April of this year. Insurance provided by sanctioned agencies covers risks including vessel seizure or harassment, risks that are themselves related to Iran's naval power.
The Treasury Department stated that HormuzSafe, in addition to providing insurance-related services, also accepts payments in Bitcoin and other digital assets. This allows funds to bypass the traditional banking system and reduces the likelihood of interception through correspondent banks or the SWIFT network.
Sanctions expanded to include shipping and oil tankers
The U.S. Treasury Department stated that the two entities were added to the sanctions list pursuant to Executive Order 13902. This executive order covers entities related to Iran's financial sector.
In addition to these two companies, OFAC also sanctioned eight shipping companies and designated eight oil tankers as restricted property. The report noted that these operators are registered in Hong Kong, the Marshall Islands, and China, and are involved in the transportation of Iranian crude oil and petroleum products.
- Sanctioned entities: 2 Iranian companies
- Additional measures: 8 shipping companies, 8 oil tankers
- Legal basis: U.S. Executive Order 13902
Tether freezes $131 million in USDT
The report also mentioned that in mid-July, the US Treasury Department sanctioned four cryptocurrency wallets linked to the Central Bank of Iran. Almost simultaneously, stablecoin issuer Tether froze approximately $131 million worth of USDT in these addresses.
This action shows that the enforcement of sanctions is no longer limited to blacklisting addresses, but has also begun to directly link with stablecoin issuers to freeze funds at the wallet level.
From an enforcement perspective, this incident reflects the broader geopolitical sanctions framework being applied to crypto assets. For regulators, the challenge lies not only in identifying on-chain addresses but also in dismantling cross-border payment networks embedded in real-world shipping and energy trade.
