US Sanctions Iranian Maritime Networks, Oil Tankers for Funding IRGC

The U.S. Department of the Treasury has imposed new sanctions on two Iranian maritime insurance entities and several oil tankers, accusing them of facilitating illicit financial flows to Iran's Islamic Revolutionary Guard Corps (IRGC). The sanctions target a scheme designed to exploit maritime traffic through the Strait of Hormuz by compelling commercial vessels to purchase maritime insurance linked to the IRGC.

The Treasury's Office of Foreign Assets Control (OFAC) designated two primary entities involved: Persian Gulf Maritime Insurance Company (PGMIC) and Hirmand Sev Complex. OFAC alleges these entities provide financial cover for the Iranian regime by mandating maritime insurance documents for ships transiting the Strait of Hormuz. These documents, ostensibly for protection against risks like confiscation, cover threats that Washington claims Iran itself contributes to creating. Proceeds from these activities are reportedly used to support the IRGC and fund the regime's operations.

U.S. Treasury Secretary Scott Bessent stated that these measures are being implemented amidst Iran's escalating economic crisis and rising inflation. He asserted that the United States "will not allow Iran to hold global trade hostage or use international shipping to fund the IRGC's terrorism, aggression, and repression." Bessent further explained that the Iranian regime, facing dwindling financial resources, is seeking new revenue streams by exploiting vital maritime corridors, particularly the Strait of Hormuz, a critical global energy transit route.

These sanctions are part of a broader U.S. Treasury campaign to disrupt shipping networks associated with Iran's military and economic activities. Washington has intensified its actions against tankers transporting Iranian crude oil and petrochemical products. Since the beginning of the year, the Treasury has sanctioned over 100 vessels linked to what it describes as Iran's "shadow fleet"—a network of tankers and logistics entities used by Tehran to sustain oil revenue despite international sanctions.

Additionally, the Treasury sanctioned several vessels involved in transporting millions of barrels of Iranian crude oil and its derivatives, labeling these tankers as a key economic lifeline for the Iranian regime. The sanctioned vessels include the chemical and petroleum products tanker WELL SAIL (IMO 9321938), crude oil tankers LILY (IMO 9294331), AL SALMI (IMO 9298296), BREEZE V (IMO 9259355), NATSUMI (IMO 9331244), CRYSTAL (IMO 9223887), NIRETA (IMO 9237785), and YEHOPE (IMO 9243320).

The sanctions also encompass companies operating in Iran's oil sector, including Chee Hang Marine Management Limited, Marinova Shipping Limited, Vast Mighty Limited, Ocean Tranquility Limited, Branch Sing International Trading Co. Limited, Confident Apex Limited, Billion Nexus International Limited, and Nevada Spirit Limited. Vessels belonging to these companies have also been designated as blocked property.