US Sanctions Iran Strait Authority Over Maritime Control
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Washington — The United States on Wednesday added Iran’s Persian Gulf Strait Authority to the Treasury Department’s Specially Designated Nationals list, the Office of Foreign Assets Control said, after the authority was launched on May 18 to manage requests for passage through the Strait of Hormuz. The listing cites alleged attempts to impose tolls on commercial vessels and links to Iran’s Islamic Revolutionary Guard Corps.
The designation, announced May 27–28, forms part of the U.S. 'Economic Fury' campaign; Treasury statements warned that anyone cooperating with the authority may face sanctions. Secretary of the Treasury Scott Bessent described the action as a response to alleged extortion of maritime trade, and officials this week urged shipping firms and insurers to assess exposure and compliance risks.
More context
Timeline
- 1. February 28: Articles report closure of the Strait of Hormuz amid reported hostilities.
- 2. May 18: Iran launches the Persian Gulf Strait Authority to manage vessel passage.
- 3. Mid‑May: PGSA publishes a map asserting maritime claims around the Hormuz choke point.
- 4. May 27–28: U.S. Treasury/OFAC adds the PGSA to the Specially Designated Nationals list.
- 5. Late May: Treasury warns of sanction risks for cooperating parties; shipping and insurance sectors assess impacts.
Why it matters
This move could impact global shipping and trade, possibly affecting prices at home. If you're in the shipping or insurance industry, it's time to assess your risk. Even as a consumer, keep an eye on potential price hikes for imported goods.
Sources
JQJO Editorial Desk · Human reviewed · AI assisted. Report a correction.
