US Treasury sanctions Iran-linked tankers, entities over extortion scheme

The United States has escalated its economic pressure on Iran by issuing a new round of sanctions targeting eight tankers and 10 entities. The Treasury Department announced the measures Wednesday, aiming to disrupt an Islamic Revolutionary Guard Corps (IRGC)-backed extortion scheme that forces ships to purchase mandatory maritime "insurance" to transit the Strait of Hormuz.

According to the Treasury, this "Hormuz Safe" program, established by Iran's primary insurance regulator, uses funds to finance the regime's activities. Regime financier Babak Morteza Zanjani, who was sanctioned earlier this year, promoted the scheme on his social media platform. The Treasury noted that Zanjani is involved in an Iranian financial evasion network.

Treasury Secretary Scott Bessent stated that Iran's economy is "in freefall" with inflation in the triple digits, leaving the regime "desperate for cash." He emphasized that the U.S. will not permit Iran to hold global commerce hostage or use international shipping to fund the IRGC's "terrorism, aggression, and repression."

These sanctions follow recent escalations, including an interview where US President Donald Trump vowed to "hit Iran hard" after the US military reported intercepting Iranian ballistic missiles aimed at American forces in the Middle East. The Treasury has sanctioned over 100 ships since January 2026.

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With its economy in freefall and inflation in the triple digits, the regime is desperate for cash. The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression.