US Treasury Sanctions Iranian Insurance Entities Using Bitcoin to Evade Controls

OFAC targets Gulf Maritime Insurance and HormuzSafe for using Bitcoin to bypass sanctions, alongside eight shadow fleet vessels transporting Iranian crude.

Woofun AI reports that the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned Gulf Maritime Insurance Company and HormuzSafe Maritime Services Administration. These entities provide insurance for commercial vessels transiting the Strait of Hormuz, approved by the Iranian Islamic Revolutionary Guard Corps, and accept payments in digital assets such as Bitcoin to circumvent sanctions. OFAC also designated eight shadow fleet vessels—Well Sail, Lily, Al Salmi, Breeze V, Natsumi, Crystal, Nireta, and Yehope—along with their affiliated companies involved in transporting Iranian crude oil and petroleum products. Since the start of the year, OFAC has sanctioned over 100 vessels linked to the Iranian shadow fleet.