US imposes new Iran sanctions, warns shipping companies not to pay Hormuz tolls

The United States has intensified its pressure campaign against Iran by imposing a new round of sanctions targeting individuals, entities, and a vessel, with some of the sanctioned parties based in China. This move signals Washington's unwavering resolve to counter Iran's destabilizing activities and its attempts to circumvent international financial regulations.

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The Office of Foreign Assets Control (OFAC) is aware of Iranian threats to shipping and demands for 'toll' payments to receive safe passage through the international Strait of Hormuz.

A key component of these new sanctions is a stern warning to international shipping companies. The US Treasury Department has made it clear that any entity paying "tolls" to Iran for passage through the Strait of Hormuz, even charitable donations to organizations like the Iranian Red Crescent Society, faces the risk of severe punitive measures. This is a direct response to Iranian threats against shipping and demands for payment for safe passage through this critical global waterway.

These latest sanctions build upon previous actions, including those targeting Iran's covert "shadow banking" financial network. The Treasury Department explicitly stated that "any such payments are generally prohibited" and that engagement with the Iranian government, its digital asset exchanges, or the Islamic Revolutionary Guard Corps (IRGC) is forbidden. The US views the IRGC as a terrorist organization, and foreign entities facilitating violations of sanctions against it risk significant legal repercussions.

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any such payments are 'generally prohibited.'

Furthermore, vessels entering or leaving Iranian ports are subject to a naval blockade by US Central Command. The Treasury's statement also highlighted the plight of the Iranian people, noting the deteriorating economy they endure while the regime allegedly favors elites and uses the international financial system to fund illicit activities, including missile programs and terror proxies. This comprehensive sanctions regime aims to cripple Iran's ability to finance its malign activities and pressure the regime to alter its behavior.

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Vessels of all nations entering or leaving Iranian ports and coastline are also subject to US Central Command’s (CENTCOM) impartial naval blockade.