The Treasury Department announced sanctions against two Iran-linked companies accused of supporting an Islamic Revolutionary Guard Corps-backed maritime scheme, with Treasury Secretary Scott Bessent warning that Tehran is exploiting global shipping networks to generate revenue.
Treasury Targets Iran Maritime Network On Wednesday, in a post on X, the Treasury Department’s Office of Foreign Assets Control (OFAC) designated two firms, Hormuzsafe Marine Services Authority and Persian Gulf Marine Insurance Company, accusing them of being involved in an IRGC-backed maritime extortion scheme.
The agency said the alleged scheme pressured commercial vessels traveling through the Strait of Hormuz to purchase mandatory maritime "insurance" coverage.
They said the coverage was presented as protection against risks such as vessel seizures, but argued those threats were "overwhelmingly created by Iran itself." Bessent Warns Against IRGC Funding Scheme Bessent said Iran’s economic challenges had pushed the government to seek alternative sources of funding.
He said, "With its economy in freefall and inflation in the triple digits, the regime is desperate for cash." He added, "The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression." With its economy in freefall and inflation in the triple digits, the regime is desperate for cash.
