US threatens shipping firms with sanctions if they pay Iran tolls
Key takeaways
- "Maritime industry participants involved with vessels calling at Iranian ports face significant sanctions risk under multiple sanctions authorities targeting Iran's shipping sector and ports", OFAC said.
- Iran has severely limited traffic through the strait since the war began in February.
- Iran has called the US interception of ships entering and leaving Iranian ports under the blockade "piracy".
Why this matters: an international story with cross-border implications worth tracking.
Tinshui Yeung Reuters. The number of vessels passing through the Strait of Hormuz has dropped sharply, with only a handful making the journey each day The US has warned shipping companies they could face sanctions if they pay Iran for safe passage through the Strait of Hormuz.
An alert on Friday by the US Office of Foreign Assets Control (OFAC) warned US persons and companies were generally banned from paying Iranian government entities, and non-US persons may risk exposure to sanctions if they pay.
"Maritime industry participants involved with vessels calling at Iranian ports face significant sanctions risk under multiple sanctions authorities targeting Iran's shipping sector and ports", OFAC said.