HormuzSafe Marine Services Authority / Persian Gulf Marine Insurance Company (PGMIC)
Summary
HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company (PGMIC) are Iranian state-linked entities designated by OFAC on July 29, 2026, for operating an IRGC-backed extortion scheme that coerced commercial vessels transiting the Strait of Hormuz into purchasing mandatory 'insurance,' with Bitcoin and other digital assets accepted as payment to circumvent Western sanctions. HormuzSafe was developed by Iran's Ministry of Economy; PGMIC was established by the Central Insurance of the Islamic Republic of Iran and brokered policies approved by the separately-designated Persian Gulf Strait Authority (PGSA). Treasury described the arrangement as extortion rather than insurance, noting the policies purportedly covered risks — including vessel seizures — overwhelmingly created by Iran itself.
Connected Entities
1 entities · 10 linked investigationsCommunity submissions
- Under reviewincriminatingWayback pending8/4/2026, 4:19:33 PM
“Official OFAC Treasury press release July 29, 2026 confirming designation of HormuzSafe and PGMIC for IRGC-linked Bitcoin-based maritime extortion”
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Timeline(6 events)
2026-02-28
Operation Epic Fury begins: U.S.-Israeli military strikes on Iran disrupt oil revenue, reportedly prompting the regime to seek alternative hard-currency income streams.
TFTC / OFAC press release context2026-05-05
Islamic Republic of Iran founds the Persian Gulf Strait Authority (PGSA) as a legal authority for managing Strait of Hormuz transit, coordinated with IRGC Navy.
Special Eurasia / Maritime Executive2026-05-18
CoinDesk first publicly reports on HormuzSafe and the planned Iran Bitcoin maritime insurance scheme.
CoinDesk2026-05-27
OFAC designates the Persian Gulf Strait Authority (PGSA) as an IRGC-linked entity engaged in terrorism financing.
U.S. Department of the Treasury2026-07-01
Tether freezes approximately $131 million in USDT linked to cryptocurrency wallets sanctioned as part of the broader Iran maximum-pressure campaign.
bne IntelliNews2026-07-29
OFAC designates HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company (PGMIC) as SDNs under E.O. 13902, alongside eight shadow-fleet tankers and eight associated management companies.
U.S. Department of the TreasuryDecision Log
- #1publish⛓ pending8/4/2026, 12:22:24 PMhash: EKYs7K1DTomXySBcm9Pc99KN4PMJi11s1EhnBPoXbyr
16 of 16 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 8/4/2026, 12:22:13 PM
last updated: 8/4/2026, 6:22:47 PM
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