The United States Treasury Department has imposed sanctions on Iran's Persian Gulf Strait Authority, accusing the body of acting as an extortion arm for the Islamic Revolutionary Guard Corps (IRGC). The authority is accused of forcing commercial vessels to pay illegal tolls to pass through the Strait of Hormuz, a critical global oil shipping chokepoint.
According to a Treasury statement released on Wednesday, the blacklisted entity compels commercial ships to pay "illegitimate tolls" and hand over sensitive operational data in exchange for safe passage. The collected funds are reportedly funneled directly to the IRGC.
"The Iranian military's latest attempt to extort global maritime trade is proof that Operation Economic Fury has left the regime desperate for cash," said US Treasury Secretary Scott Bessent.
The US Treasury issued a stern warning that any individual, company, or international entity cooperating with the authority faces severe sanctions risks. This warning covers all transaction methods, including payments made via traditional fiat currencies, digital assets, offsets, informal financial swaps, or any other in-kind arrangements.
The Strait of Hormuz remains a central flashpoint in the ongoing geopolitical conflict involving the US, Israel, and Iran. The volatility has severely disrupted regional energy flows and driven up global oil prices. Approximately 20% of the world's daily oil supply moves through this narrow channel, and the heightened state of insecurity has caused both maritime shipping and insurance costs to skyrocket.
Regional tensions reached a peak following direct military strikes exchanged between the US-Israeli coalition and Iran earlier this year, which briefly led to Tehran closing the strait. While a mediated ceasefire took effect on April 8 and was subsequently extended by US President Donald Trump, this latest sanctions maneuver shows that the economic warfare between Washington and Tehran remains intense.
