OFAC designates an IRGC-backed extortion network in the Strait of Hormuz and eight vessels linked to Iran’s shadow fleet, intensifying maximum pressure under E.O. 13902.

Strait of Hormuz Extortion Network
- Persian Gulf Marine Insurance Company (PGMIC): Iranian firm established by the Central Insurance of Iran. Brokers and issues IRGC-approved insurance policies via the designated Persian Gulf Strait Authority (PGSA) to extract revenue from transiting vessels under the guise of covering seizure risks created by Iran.
- HormuzSafe Marine Services Authority (Hormuz Safe): Iranian digital insurance firm developed by the Ministry of Economy. Advertises maritime services and accepts payment in Bitcoin and other digital assets to bypass sanctions, generating revenue for the IRGC. Promoted by sanctioned financier Babak Morteza Zanjani.

Shadow Fleet Vessels & Managers (Petroleum Sector)
- WELL SAIL (IMO 9321938), Marshall Islands flag. Transported Iranian petroleum products to UAE in 2026. Manager: Qi Hang Ship Management Limited (China).
- LILY (IMO 9294331), Mozambique flag. Transported Iranian oil since 2025. Manager: Confident Apex Limited (Hong Kong).
- AL SALMI (IMO 9298296), unknown flag. Transported Iranian oil to China since 2025. Manager: Billion Nexus Int’l Co., Limited (Hong Kong).
- BREEZE V (IMO 9259355), Barbados flag. Transported Iranian oil to China in 2026. Manager: Nevada Spirit Company Limited (Hong Kong).
- NATSUMI (IMO 9331244), Barbados flag. Transported Iranian crude oil to China since 2022. Manager: Marinova Freight Limited (Hong Kong).
- CRYSTAL (IMO 9223887), Vanuatu flag. Transported Iranian crude oil to China in 2026. Manager: Vast Mighty Limited (Hong Kong/Marshall Islands).
- NIRETA (IMO 9237785), Vanuatu flag. Transported Iranian crude oil to China in 2026. Manager: Ocean Tranquility Limited (Marshall Islands).
- YEHOPE (IMO 9243320), Barbados flag. Transported Iranian crude oil to China in 2026. Manager: Branch Saying International Trading Co Ltd (Marshall Islands).

Key Technical Details
- Digital Assets: Hormuz Safe accepts Bitcoin and other digital assets for sanctions evasion.
- Authority: Designations pursuant to E.O. 13902 (Iran petroleum/financial sectors) and E.O. 13224.
- General License: No specific wind-down license mentioned in the release.