The US has taken action against Iranian ship insurers accused of operating a “blackmail scheme”. It has also imposed sanctions on eight vessels belonging to the shadow fleet.
The two companies in question are the ‘Persian Gulf Marine Insurance Company’ and the ‘Hormuz Safe Marine Services Authority’. Both insurers are backed by the Islamic Revolutionary Guard Corps. In a statement issued by the US government, the companies are accused of operating extortionate ‘insurance schemes’ and thereby putting pressure on shipping in the Strait of Hormuz.
“These entities manufacture risk—including the threat of vessel seizures—and then charge commercial vessels for coverage against dangers created by the regime itself,“ the government explained. Thus, the companies generate revenue that sustains IRGC operations and Iran’s broader campaign of regional destabilization. Furthermore, the companies accept payments in Bitcoin and other cryptocurrencies, thereby circumventing sanctions.
The US has also sanctioned eight tankers and their operators. This is in response to the transport of illegal crude oil to China and the United Arab Emirates. The vessels are said to be part of Iran’s shadow fleet and to have links to companies in China, Hong Kong and the Marshall Islands.
“Today’s measures support the US Navy’s enforcement of the blockade of Iranian ports and coastal areas and form part of an ongoing campaign under which more than 100 vessels have already been sanctioned this year,” the US government stated. It added that it would continue to hold Iran to account for its exploitation of key waterways.
Meanwhile, the situation in the Middle East has escalated once again. After Iran recently carried out its own unprovoked attacks for the first time, the US also began launching new strikes against the regime in Tehran.
The Houthis on the Red Sea appear to have taken their cue from Iran’s model of charging fees for passage through the Strait of Hormuz. According to reports by the Reuters news agency, the Yemeni militia is planning to levy a toll for passage through the Bab el-Mandeb Strait, which connects the Red Sea with the Gulf of Aden. No official statement has yet been issued by the Houthis on this matter.
