The Treasury Department announced sanctions Wednesday 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.
In a post on X, the Treasury's Office of Foreign Assets Control (OFAC) designated 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. The coverage was presented as protection against risks like vessel seizures, but the Treasury argued those threats were "overwhelmingly created by Iran itself."
Bessent said Iran's economic challenges had pushed the government to seek alternative funding sources. "With its economy in freefall and inflation in the triple digits, the regime is desperate for cash," he said. 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."
This isn't the first time the Treasury has gone after Iran-linked financial networks. Last week, it sanctioned nine firms and four individuals tied to Iranian financier Babak Zanjani, accusing his "Dot One" network of helping evade U.S. sanctions. That action targeted two UK-based crypto exchanges allegedly tied to more than $94 million in IRGC-related transactions. Bessent said the move aimed to block financial access for Iranian regime figures and their facilitators, while Zanjani denied the allegations. The sanctions came as lawmakers pushed for additional penalties against Iran.
On the military front, President Donald Trump said Iran sought negotiations as the U.S. continued pressure, including additional strikes on Iranian targets linked to threats against commercial vessels in the Strait of Hormuz. Trump said Iran's military capabilities had been weakened while keeping the option of further action open. However, Vice President JD Vance and Gen. Dan Caine reportedly warned against escalating the conflict due to operational risks and U.S. weapons concerns.
The message from the Treasury is clear: the U.S. is determined to cut off Iran's access to global commerce and finance, whether through shipping schemes or crypto networks. As Bessent put it, the regime's desperation for cash won't be allowed to hold the world's trade routes hostage.
