The United States designated the Persian Gulf Marine Insurance Company and Hormuz Safe Marine Services Authority, two Iranian entities backed by the Islamic Revolutionary Guard Corps, on July 29 for running coercive insurance schemes that extort international shipping transiting the Strait of Hormuz. According to the U.S. government, these organizations manufacture risk—including threats of vessel seizures—and then charge commercial vessels for coverage against dangers created by the regime itself, generating revenue that sustains IRGC operations and Iran’s broader campaign of regional destabilization.
The United States also designated eight companies operating vessels that have transported illicit Iranian crude oil and petrochemical products to China and the United Arab Emirates. These vessels are described as part of Iran’s “shadow fleet,” which is used to evade sanctions.
Officials said these designations support the U.S. Navy’s enforcement of a blockade on Iranian ports and coastline, adding to a campaign that has sanctioned more than 100 vessels this year.
A statement from U.S. authorities said, “The United States will continue to hold Iran accountable for weaponizing vital international waterways and evading sanctions through shadow fleet operations and deceptive financial schemes. Protecting navigational rights and freedoms in the Strait of Hormuz is a global interest, and the United States will act, alongside partners, to ensure Iran cannot hold international commerce hostage to finance its malign activities.” The statement added, “We will continue working with allies to isolate the regime diplomatically and economically until it ceases its destabilizing behavior.”
The action was taken pursuant to Executive Order 13902 targeting Iran’s financial, petroleum, and petrochemical sectors. It continues a sanctions campaign targeting Iranian oil sales in support of National Security Presidential Memorandum 2.