OfficialDiplomacy & politicsWashington, D.C., United States
U.S. sanctions IRGC-backed firms selling mandatory 'insurance' for Hormuz transits
- Mountain Time
- Local time
- 11:19 AM in New York
- Where
- Washington, D.C., United States
Treasury designated the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, which it said sell IRGC-approved policies ships must buy to cross the strait, covering risks such as seizures that Iran itself creates, with payment accepted in digital assets. It also sanctioned eight companies operating shadow-fleet tankers that carried Iranian oil and petrochemicals to China and the UAE.
Why it matters
The action targets the revenue side of Iran's claim to manage the strait; OFAC said it has sanctioned more than 100 shadow-fleet vessels this year.
Sources (3)
- U.S. Department of the Treasuryhome.treasury.govPublished
- CNNcnn.comPublished
- CBS Newscbsnews.comPublished
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