The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against Iran’s so-called Persian Gulf Strait Authority on Thursday.
The Authority is “a new attempt by Iran’s Islamic Revolutionary Guard Corps (IRGC) to monetize its campaign of state-sponsored terror by extorting vessels transiting the Strait of Hormuz,” according to a statement from the Dept.
“This entity spearheads an Iranian-controlled scheme that flagrantly violates international law and US sanctions. “Anyone cooperating with the so-called strait authority may be providing support to and receiving services from the IRGC, which ultimately benefits from this attempted extortion, and may therefore be exposed to sanctions risk,” it noted.
“The Iranian military’s latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash,” said Secretary of the Treasury Scott Bessent.
“Through Economic Fury, the United States has imposed a financial stranglehold on the world’s leading state sponsor of terrorism.
“Treasury has deprived the Iranian regime of revenue for their weapons programs, terrorist proxies, and nuclear ambitions.
“Under President Trump’s leadership, we will remain relentless in our pursuit to constrict the network of vessels, intermediaries, and buyers through which Iran exports both its oil and malevolence,” he added.
Today’s action builds on recent guidance warning of the sanctions risk for complying with Iranian demands for passage through the Strait of Hormuz such asn”toll” payments, including payments made via fiat currency, digital assets, offsets, informal swaps, or other in-kind payments such as nominally charitable donations, and providing sensitive vessel information. Today’s action is being taken pursuant to the counterterrorism authority, Executive Order (E.O.) 13224, as amended.
It continues the robust sanctions campaign targeting Iranian oil sales in support of Economic Fury and the President’s National Security Presidential Memorandum 2 (NSPM-2), instituting a campaign of maximum economic pressure on Iran. – KUNA
