The US Treasury Department has imposed new sanctions targeting Iran's ability to generate revenue from the Strait of Hormuz, according to an official announcement. The measures include sanctions on two companies and eight ships linked to an alleged extortion mechanism that forces vessels to purchase insurance to pass through the strait.
The US alleges that Iran uses an extortion mechanism that forces ships to buy insurance to transit the Strait of Hormuz, thereby generating revenue for Tehran. The Treasury Department described the mechanism as a 'şantaj mekanizması' (extortion mechanism).
The US Treasury Department described the mechanism as a 'şantaj mekanizması' (extortion mechanism).
The sanctions target two Iranian-linked companies: the Iran Revolutionary Guard Corps-backed Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, which the US says are involved in the alleged scheme. Reports differ on the exact names of the sanctioned firms; one source lists the same two companies, while another does not name them.
Sanctioned for carrying Iranian crude oil and petrochemical products.
The US also sanctioned eight ships carrying Iranian crude oil and petrochemical products, as well as eight companies based in China, Hong Kong, and the Marshall Islands identified as their owners or operators.
The flagged nations of the sanctioned ships include the Marshall Islands, Mozambique, Barbados, and Vanuatu, with one ship's flag unknown, according to one report. Another source only lists the Marshall Islands, Mozambique, and Barbados, omitting Vanuatu and the unknown flag.