US Sanctions Iran-Linked 'Insurers' Over Hormuz Transit Fees

New Sanctions Target Hormuz ‘Insurance’ Scheme

The U.S. Treasury has issued fresh sanctions aimed at an Iranian effort to establish a de facto toll system for vessels transiting the Strait of Hormuz. According to a report by Maritime Executive, Treasury announced Wednesday that it is designating two companies allegedly acting as fronts for the Islamic Revolutionary Guard Corps (IRGC): Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority.

Treasury contends that both firms exist to collect what are effectively safe-passage payments to the IRGC while disguising them as legitimate marine insurance products. The IRGC, notably, is also the source of the very threat these “policies” claim to protect against in Iranian-controlled waters at the northern end of the strait.

How the Scheme Reportedly Worked

While Persian Gulf Marine Insurance Company has kept a low profile, HormuzSafe has marketed itself aggressively as a modern digital insurer. Its promotional materials reportedly promise shipowners a “99.9 percent safe transit rate” and reassurance to “sail through with complete confidence,” citing services such as emergency response coordination and security arrangements for vessels crossing the strait.

The company accepts payment through a range of channels, including Bitcoin via the Lightning Network, Tether, USDC, credit cards, and traditional wire transfers. Launched only in May, HormuzSafe claims to have already serviced 15,000 vessels — a figure Treasury notes is ten times the number of ships that were reportedly trapped in the Gulf during the strait’s closure. Treasury said the platform generates revenue for the IRGC while giving the regime greater leverage over commercial shipping movements. Investigators say the use of digital currencies is intended to help evade existing sanctions enforcement mechanisms, building on previously reported cryptocurrency payments linked to IRGC-controlled transit routes.

Eight Tankers and Holding Companies Added

Alongside the two payment-collection entities, Treasury blacklisted eight additional tankers accused of working on Iran’s behalf: the Chinese-owned Well Sail, Lily, Al Salmi, Breeze V, Natsumi, and Crystal, as well as the Marshall Islands-flagged Nireta and Yehope. The holding companies listed as owners of these vessels were sanctioned as well.

Compliance Risk for Legitimate Owners

Treasury’s action comes with an implicit warning to the wider shipping industry. Underwriters at Lloyd’s Market have indicated that shipowners could jeopardize their Western insurance coverage if found to have made payments to Iran-linked entities for safe passage. Legitimate marine insurers are said to already be alert to the compliance dangers of engaging, even unknowingly, with IRGC front companies.

What This Means for Owners and Managers

For ship operators transiting the Strait of Hormuz, this development sharpens an already difficult compliance landscape. A scheme dressed up as conventional marine insurance, complete with a professional-looking website and cryptocurrency payment options, creates real risk that commercial or chartering staff could engage with such a provider without recognizing the sanctions exposure involved. Technical superintendents and compliance teams should treat any unfamiliar “transit insurance” or “safe passage” offering tied to Gulf routes with heightened scrutiny, verifying counterparties against current OFAC designations before any payment is authorized.

This also reinforces the value of independent, documented verification at every stage of a Hormuz transit — from bunkering and condition surveys to charter-party due diligence — so that owners can demonstrate a clean paper trail if a vessel’s compliance history is later questioned by underwriters, flag states, or charterers. As enforcement actions against disguised Iranian revenue streams continue, the burden increasingly falls on operators to prove, not just assert, that no sanctioned party benefited from a voyage.

The broader message from Treasury is clear: as Iran experiments with new mechanisms to monetize control over the strait, shipowners and managers navigating the route should expect continued scrutiny of counterparties, payment channels, and any arrangement marketed as protection against threats in the region.

Reviewed by Ibrahim Halil Ceylan, Marine Surveyor at Apeks Marine.