OFAC Targets Iran’s Crypto-Funded Toll Scheme in Strait of Hormuz

The US Treasury's Office of Foreign Assets Control (OFAC) sanctioned two firms accused of supporting an IRGC-backed scheme that allegedly extorted commercial vessels transiting the Strait of Hormuz by requiring them to purchase maritime insurance.

Wednesday's designations hit the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, known as Hormuz Safe. Treasury says the policies extract revenue while covering risks that Iran itself creates.

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How Iran's Hormuz Insurance Scheme Drew US Sanctions

The IRGC reportedly began collecting transit fees from tankers passing through the Strait of Hormuz in April, with charges starting at approximately $1 per barrel.

The Treasury said the insurance scheme was created to offset revenue lost following Operation Epic Fury. Treasury Secretary Scott Bessent linked the initiative to Iran's worsening economic conditions.

"With its economy in freefall and inflation in the triple digits, the regime is desperate for cash," he said.

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