HARIANEXPRESS – The United States sanctioned two Iranian maritime companies on 1/8/2026, accusing them of using Bitcoin and other digital assets to circumvent Western financial restrictions.
The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department announced these sanctions against Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority. These entities allegedly operate an insurance network supported by Iran’s Islamic Revolutionary Guard Corps (IRGC).
This network reportedly mandates commercial vessels purchase approved insurance for passage through the Strait of Hormuz. The insurance policies offered reportedly covered risks attributed to Iran itself, such as ship seizures and disruptions by IRGC naval forces.
The payment scheme was designed to utilize digital assets, enabling Iranian entities to earn revenue without relying on traditional banking channels targeted by US sanctions. HormuzSafe, developed by Iran’s Ministry of Economy, specifically accepted payments in Bitcoin and other digital assets.
Screenshots from May reportedly showed HormuzSafe’s website offering “digital insurance” payable with Bitcoin, although the site has since become inaccessible. The US Treasury Department stated these measures aim to limit attempts to disguise ship ownership and cut off revenue from maritime activities.
“Iran’s economy is in a free fall, inflation is at triple-digit levels, and the regime is desperate for money. The US will not allow Iran to hold global trade hostage or use international shipping to finance terrorism,” said U.S. Treasury Secretary Scott Bessent.
Beyond these two firms, OFAC also identified eight ships as blocked assets and sanctioned eight companies linked to Iran’s “shadow fleet.” This action brings the total number of such vessels sanctioned since early 2026 to over 100 units.
The US Treasury Department stated these measures aim to limit attempts to disguise ship ownership and cut off revenue from maritime activities. The sanctions freeze assets of listed entities within the US and generally prohibit transactions by US persons with them.
The strategic importance of the Strait of Hormuz, through which about one-fifth of global oil trade passes, was also highlighted in the context of these sanctions. The US government reported that Iran uses a mix of conventional currencies and digital assets for maritime-related payments.
These payment instruments include the Chinese yuan, the stablecoin Tether USDt, and Bitcoin. The use of digital assets allows transactions outside traditional banking systems. However, US authorities noted a lack of on-chain evidence proving that Bitcoin payments through the proposed platform have actually been completed.
These actions are part of a maximum pressure campaign under National Security Presidential Memorandum 2 (NSPM-2) and are referred to as Operation Epic Fury.
