US issues general license for Hormuz wind-down as new Iran sanctions imposed

The U.S. Treasury Department has authorized limited activities in the Strait of Hormuz through a general license, allowing for "wind-down" purposes related to safety and environmental transactions. This measure coincides with the imposition of new sanctions targeting individuals, ships, and groups associated with Iran.

The newly sanctioned entities include twenty ships, twenty-four entities, and ten individuals. The general license permits the offloading of cargo involving these sanctioned parties, with operations allowed until September 12. All payments made under this license must adhere to specific U.S. protocols. The Treasury emphasized that the license does not permit new commercial contracts with any newly or previously sanctioned parties.

These actions follow the revocation of a previous general license that authorized Iranian oil sales, which occurred on July 7 after Iran's attacks on ships in the Strait of Hormuz. A U.S. official had previously warned Iran of consequences for these "wholly unacceptable" actions.

U.S. Treasury Secretary Scott Bessent characterized Iranian Supreme Leader Mojtaba Khamenei as "hiding in seclusion while his regime crumbles." Bessent affirmed the Treasury's commitment to using all available tools to isolate Khamenei and other regime elites from the global financial system, stating, "We will preserve these assets for the Iranian people."

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Treasury will continue using every tool at its disposal to isolate him and other regime elites from the global financial system. We will preserve these assets for the Iranian people.