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 entities were based in China, with connections to transporting Iranian crude to both China and the UAE. The IRGC’s alleged role as the beneficiary of these payments ties directly into the broader US strategy of choking off revenue streams that fund designated military organizations.

A shadow fleet under siege

Iran’s shadow fleet moves sanctioned oil outside the view of traditional shipping monitors through ships that go dark on tracking systems, transfer cargo between vessels at sea, and cycle through shell companies to obscure ownership.

Sanctioning over 100 vessels in a single year represents a significant escalation compared to prior enforcement patterns. Each designation makes it harder for these ships to dock, refuel, insure, and transact through the global financial system.

Roughly a fifth of the world’s oil passes through the Strait of Hormuz. Tensions in the region have reportedly risen further in 2026, making this corridor an even more sensitive pressure point. The insurance scheme sanctioned by OFAC essentially weaponizes that geography, turning a natural chokepoint into a revenue extraction mechanism.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.