The Treasury Department announced sanctions 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.
Treasury Targets Iran Maritime Network
On Wednesday, in a post on X, the Treasury Department’s Office of Foreign Assets Control (OFAC) designated two firms, 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.
They said the coverage was presented as protection against risks such as vessel seizures, but argued those threats were “overwhelmingly created by Iran itself.”
Bessent Warns Against IRGC Funding Scheme
Bessent said Iran’s economic challenges had pushed the government to seek alternative sources of funding.
He said, “With its economy in freefall and inflation in the triple digits, the regime is desperate for cash.”
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.”
Treasury Targets Iran-Linked Financial Network
Last week, the Treasury Department had sanctioned nine firms and four individuals linked to Iranian financier Babak Zanjani, accusing his “Dot One” network of helping evade U.S. sanctions.
The action targeted two U.K.-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.
Trump’s Iran Strategy
Earlier, President Donald Trump said Iran sought negotiations as the U.S. continued military 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.
Vice President JD Vance and Gen. Dan Caine reportedly warned against escalating the conflict due to operational risks and U.S. weapons concerns.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Maxim Elramsisy On Shutterstock.com
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