The US Treasury Department has warned shipping companies and maritime operators that they face sanctions if they make payments to Iran for safe passage through the Strait of Hormuz, regardless of the payment method used.
The US Treasury Department on Friday warned shipping companies and maritime operators of potential sanctions if they make payments to Iran for safe passage through the strategic Strait of Hormuz.
According to an advisory issued by the Treasury Department's Office of Foreign Assets Control (OFAC), it is aware of Iranian threats to shipping and alleged demands for "toll" payments in exchange for safe passage through the strategically important waterway. It noted that such payments could take various forms, including fiat currency, digital assets, offsets, informal swaps, or even in-kind contributions such as donations routed through organisations like the Iranian Red Crescent Society, Bonyad Mostazafan, or Iranian embassy accounts, warning that these transactions carry sanctions risks "regardless of payment method".
Sanctions Risks for US and Non-US Persons
It further stated that US persons and US-controlled entities are generally prohibited from engaging in transactions with the Government of Iran, including the provision or receipt of services, unless specifically exempted or authorised by OFAC.
"OFAC is issuing this alert to warn U.S. and non-U.S. persons about the sanctions risks of making these payments to, or soliciting guarantees from, the Iranian regime for safe passage. These risks exist regardless of payment method," the alert read.
Secondary Sanctions and IRGC Involvement
The statement also highlighted restrictions involving Iran's Islamic Revolutionary Guard Corps (IRGC), which is designated under multiple US sanctions regimes, including counterterrorism authorities.
According to OFAC, non-US persons may also face secondary sanctions for engaging in transactions with the Iranian government or IRGC, potentially restricting their access to the US financial system. It added that foreign financial institutions involved in such dealings could face similar penalties.
"Non-U.S. persons may risk exposure to sanctions for engaging in transactions with the Government of Iran and the IRGC that are not otherwise exempt or authorised for U.S. Persons. This risk to non-U.S. Persons includes secondary sanctions on participating foreign financial institutions, which could prohibit or restrict such foreign financial institutions' access to the U.S. financial system," the alert added.
Broader Maritime and Financial Warnings
The advisory also cautioned against engaging with Iranian digital asset exchanges, which are considered blocked financial institutions under US sanctions rules. OFAC emphasised that maritime operators face "significant sanctions risk" when dealing with Iranian ports or shipping networks, adding that the United States will continue to target Iran's petroleum, petrochemical, and shipping sectors under existing executive orders.
The statement also referenced ongoing US naval enforcement measures in the region, noting that vessels entering or leaving Iranian waters are subject to US Central Command's monitoring and that sanctions authorisations do not override other US government authorities. (ANI)
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