US slaps new Iran sanctions on insurers and tankers, with crypto payment evasion in the crosshairs

The US Treasury just added another layer to its economic pressure campaign against Iran, sanctioning two maritime insurance entities and eight vessels tied to what officials describe as a coercive insurance racket operating in the Strait of Hormuz. The scheme allegedly forces commercial ships to buy IRGC-approved policies just to pass through one of the world’s most critical oil chokepoints. The Office of Foreign Assets Control sanctioned the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority on July 27, 2026, with the State Department following up two days later on July 29. The move is part of a broader, accelerating campaign: OFAC has now sanctioned over 100 vessels linked to Iran’s shadow fleet in 2026 alone. The insurance shakedown and its crypto angle The designated entities allegedly mandate that commercial vessels purchase insurance policies deemed acceptable by the Islamic Revolutionary Guard Corps, effectively creating a toll booth in international waters. The payments extracted through this system reportedly include digital assets, a detail that caught the attention of compliance teams across the crypto industry. Six of the newly sanctioned ent...