US Treasury sanctions Iranian firms running maritime extortion scheme with crypto payment ties

Here’s a protection racket that would make the mob blush. Iran has allegedly been forcing commercial ships to purchase insurance policies, covering risks that Iran itself creates, and accepting payment in digital assets to dodge the very sanctions meant to cut it off from the global financial system. The US Treasury’s Office of Foreign Assets Control sanctioned two firms on July 29: the Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority. Both are accused of operating under the umbrella of the Islamic Revolutionary Guard Corps (IRGC), running a scheme that requires commercial vessels to buy mandatory maritime insurance just to navigate the Strait of Hormuz. The scheme: create the danger, sell the protection The Strait of Hormuz is one of the most strategically important waterways on Earth. Roughly a fifth of the world’s oil passes through it daily, and Iran sits on its northern shore. The designated insurance policies reportedly cover risks that Iran itself generates, including vessel seizures and harassment by IRGC naval forces. The insurance policies are structured to facilitate payments in digital assets, giving Iranian entities a way to collec...