U.S. Sanctions Two Iranian Entities Accused of Using the Strait of Hormuz as Leverage for Insurance Sales, Known as a Funding Source for the IRGC

[Financial News] On the 29th local time, the U.S. Department of the Treasury and the State Department designated two entities as sanctions targets for effectively collecting a "toll" from merchant ships passing through the Strait of Hormuz. The sanctioned entities are PGMIC and HMSA.
PGMIC was established by the Central Insurance of Iran, the country's insurance regulator, and brokers and issues insurance products approved by the Persian Gulf Strait Authority (PGSA), which is backed by the Islamic Revolutionary Guard Corps (IRGC). In response, the Treasury Department said, "Iran is forcing the sale of insurance products while creating risk by blocking the Strait of Hormuz and attacking ships."
HMSA is an Iranian digital insurance company that advertises services such as insurance, traffic control, security, and emergency response for ships passing through the Strait of Hormuz. The Treasury Department said, "The Government of the Islamic Republic of Iran created this company, and payments are made in virtual currencies such as Bitcoin to evade Western sanctions."
U.S. Treasury Secretary Scott Bessent said, "We will not allow Iran to hold global commerce hostage or use international shipping to fund the IRGC's terrorist, aggressive, and repressive activities."
[email protected] Hong Chaewan Reporter