OFAC Targets Iran’s Crypto-Funded Toll Scheme in Strait of Hormuz

The US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two firms accused of supporting an IRGC-backed scheme that allegedly extorted commercial vessels transiting the Strait of Hormuz by requiring them to purchase maritime insurance. Wednesday’s designations hit the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, known as Hormuz Safe. Treasury says