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US Sanctions Hormuz Insurance Network
The United States has imposed new sanctions on two Iranian companies and eight tankers, alleging they helped facilitate an insurance network and shipping operations that supported Iran's oil exports through the Strait of Hormuz.
The latest measures are part of Washington's broader effort to restrict Iranian oil revenues and increase pressure on the country's maritime trade network.
US Targets Maritime Insurance Providers
The US Treasury Department sanctioned Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, accusing them of operating an insurance system that required commercial vessels to purchase Iranian-approved coverage before transiting the Strait of Hormuz.
According to US authorities, the companies offered policies that claimed to protect ships from detention and other maritime risks while generating revenue linked to Iran's maritime operations.
Washington also alleged that HormuzSafe accepted payments in cryptocurrencies, including Bitcoin, to facilitate transactions outside conventional financial channels.
Eight Tankers Added to Sanctions List
The Office of Foreign Assets Control (OFAC) also designated eight tankers together with their owning or managing companies.
The sanctioned vessels are:
- Well Sail
- Lily
- Al Salmi
- Breeze V
- Natsumi
- Crystal
- Nireta
- Yehope
According to the US Treasury, the vessels transported millions of barrels of Iranian crude oil and petroleum products, primarily to China, since 2022.
The ships are associated with companies registered in China, Hong Kong and the Marshall Islands and operate under several international flags.
Pressure on Iran's Shadow Fleet Continues
The latest sanctions expand Washington's campaign against Iran's so-called shadow fleet.
US officials said more than 100 vessels linked to Iranian oil exports have been sanctioned since the beginning of the year as part of efforts to reduce Tehran's energy revenues and disrupt sanctions evasion.
Implications for Global Shipping
The new sanctions could increase compliance requirements for shipowners, charterers and marine insurers involved in Middle East trade.
Companies operating through the Strait of Hormuz may face additional due diligence obligations when assessing counterparties, insurance arrangements and vessel ownership structures to ensure compliance with international sanctions.
As geopolitical tensions continue in the Gulf, maritime operators are expected to closely monitor further regulatory developments affecting one of the world's most important energy shipping routes.
