Iran Insurance and Marine Services Face US Sanctions

[ABS News Service/30.07.2026]

The Treasury Department announced new sanctions yesterday against two firms its said aid Iran’s efforts to monetize ships movements through the Strait of Hormuz by requiring vessels to purchase mandatory insurance.

“Although this coverage purports to protect vessels from risks such as seizures, these risks are overwhelmingly created by Iran itself,” Treasury said.

The two companies being targets are the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority. Both extract revenue under the guise of maritime services, including payments in digital assets to evade sanctions, Treasury said.

“With its economy in freefall and inflation in the triple digits, the regime is desperate for cash,” Treasury Secretary Scott Bessent said. “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.”

Treasury said it also was taking action against multiple shadow fleet vessels responsible for transporting millions of barrels of Iranian crude oil and petroleum products.