US Treasury targets Iranian 'insurance' scheme for Hormuz transits and more shadow tankers

OFAC sanctioned what it called an illicit maritime insurance scheme tied to the Strait of Hormuz, saying the risks the cover claims to protect against are largely created by Iran itself. It also designated tankers it says carried Iranian crude and petroleum products, including the Barbados-flagged Breeze V, owned by Hong Kong-based Nevada Spirit Company, and Natsumi, run by Hong Kong-based Marinova Freight. Treasury says it has sanctioned more than 100 vessels linked to Iran's shadow fleet since the start of the year.

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