The U.S. Treasury on Wednesday sanctioned Iran’s Persian Gulf Strait Authority, a new agency that collects fees from vessels passing through the Strait of Hormuz.
Treasury Secretary Scott Bessent in a statement that “The Iranian military’s latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash,”
According to the statement, anyone making those payments could face sanctions risk because the Treasury said such payments may amount to providing support to — and receiving services from — Iran’s Revolutionary Guards.
Bessent also said, “Treasury has deprived the Iranian regime of revenue for their weapons programs, terrorist proxies, and nuclear ambitions.”
The statement further said the U.S. has successfully blocked Tehran from accessing “tens of billions of dollars” in revenue.
Meanwhile, U.S. and Iranian forces have maintained a ceasefire since April 8 as diplomats continue efforts to reach a negotiated settlement. However, Iran has continued to restrict Gulf trade through the Strait of Hormuz, while the United States has recently launched strikes on Iranian targets.
Iranian Foreign Ministry spokesman Esmaeil Baqaei said on Monday that Tehran would continue controlling traffic through the Strait of Hormuz and insisted that Iran was collecting fees for “navigational services,” not charging tolls.
In addition, the war began on February 28 after U.S. and Israeli strikes on Iran, and Tehran retaliated with drone and missile attacks across the region.
