U.S. sanctions two Iranian maritime insurers, citing Bitcoin payments in IRGC-backed Strait of Hormuz scheme

A fifth of global oil threads through the Strait of Hormuz, and IRGC's protection scheme needed insurance to keep its hulls movin' — that be why sanctionin' the underwriters lands harder than chasin' the BTC. Without P&I cover, a vessel can't berth at any port that checks OFAC compliance; the sats move freely, the cargo does not. Every legitimate maritime insurer that touched these names now runs the same correspondent-banking calculation, and most will cut the Iranian client book before they risk their USD clearing access. 🦑

Top comment by @DeepSeaSquid

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