The U.S. Treasury Department's Office of Foreign Assets Control announced this week sanctions against two Iranian maritime insurance companies, accusing them of operating a mandatory insurance scheme that accepts Bitcoin payments, coercing commercial vessels transiting the Strait of Hormuz into purchasing coverage, and funneling proceeds to the Islamic Revolutionary Guard Corps. The sanctioned entities are the Persian Gulf Maritime Insurance Company and the Hormuz Security Maritime Services Administration.

A Treasury Department statement described the arrangement as extortion rather than a legitimate insurance business, noting that the risks covered by the policies, such as vessel seizure, are "overwhelmingly manufactured by Iran itself." The statement said the Hormuz Security entity was developed under the guidance of Iran's Ministry of Economic Affairs and "accepts Bitcoin and other digital asset payments, representing one of the Iranian regime's attempts to circumvent Western sanctions."

The Treasury Department had previously sanctioned the IRGC-backed Persian Gulf Strait Authority in May, which is responsible for approving the relevant insurance policies. The latest sanctions were enforced under an executive order targeting Iran's oil and petrochemical sectors, freezing assets of the designated entities and prohibiting U.S. citizens from transactions with them, while foreign firms conducting business with them also face sanctions risks. The U.S. emphasized that payments made via Bitcoin carry the same sanctions exposure as those processed through bank transfers.

The U.S. Treasury Secretary stated in the announcement that Iran faces severe economic conditions and high inflation, driving the regime's urgent need to generate cash. The Strait of Hormuz, a critical global energy transit chokepoint, has seen reduced shipping volumes and sustained high international oil prices amid weeks of U.S. military strikes against Iranian targets in the region.