The U.S. Department of State on July 29 designated the Persian Gulf Marine Insurance Company and Hormuz Safe Marine Services Authority, along with eight vessels linked to Iran’s shadow fleet, for running coercive “insurance” schemes that extort international shipping transiting the Strait of Hormuz .The Treasury’s Office of Foreign Assets Control on July 27 also sanctioned the same insurance entities and eight shadow‑fleet vessels, citing their role in forcing commercial ships to buy “insurance” that actually extracts revenue for the IRGC and in transporting Iranian crude to China and the UAE. These sanctions are carried out under Executive Order 13902 and the President’s National Security Presidential Memorandum 2, aiming to cut off Iran’s revenue streams and support U.S. naval interdiction of Iranian ports. The Treasury’s update to the SDN list and a Reuters report on July 29 confirm the addition of eight tankers and ten entities to the sanctions regime.

Full report : U.S. Imposes New Sanctions on Iranian Shipping and Insurance Firms to Block Strait of Hormuz Extortion.