Key facts
- The U.S. Treasury sanctioned two Iranian maritime insurance firms.
- These firms allegedly operated an extortion scheme.
- The scheme accepted bitcoin and other digital assets.
- Funds from the scheme were allegedly funneled to the IRGC.
- The insurance covered risks largely created by Iran.
- Mahan Air's network in China was also sanctioned.
- Mahan Air's network is accused of supporting the IRGC.
- Sanctions target entities and individuals facilitating flights and financial transactions for Mahan Air.
The U.S. Treasury Department has imposed sanctions on two Iranian maritime insurance firms, alleging they operated an extortion scheme that channeled funds to Iran's Islamic Revolutionary Guard Corps (IRGC). These firms reportedly accepted bitcoin and other digital assets for insurance coverage against risks that were largely created by Iran itself, including those affecting ships in the Strait of Hormuz. This action is part of a broader effort by the U.S. to disrupt the financial networks supporting the IRGC.
In a related move, the Treasury Department has also sanctioned Mahan Air's network in China. This action targets entities and individuals accused of facilitating flights and financial transactions for the airline, which the U.S. alleges supports the IRGC. The sanctions aim to cut off resources and operational support for the IRGC by targeting its facilitators and financial mechanisms.