US sanctions body created by Iran to collect fees in the Strait of Hormuz

Oil tanker sails near the city of Chita, in Aichi Prefecture, after becoming the first Japan-bound tanker to transit the Strait of Hormuz since the start of the conflict with Iran.
JIJI PRESS / JIJI PRESS / AFP
The United States government, through the Treasury Department's Office of Foreign Assets Control (OFAC), announced the application of sanctions against the newly created U.S. Strait Authority. Persian Gulf (PGSA). Tehran created the organization to coordinate traffic and charge fees for the passage of commercial vessels through this strategic maritime corridor.
According to the statement from the US Treasury Department, the PGSA works together with Iran's Islamic Revolutionary Guard Corps (IRGC) and the country's navy. The agency requires vessels to provide information to receive transit permission and follow instructions to navigate an Iranian-designated route close to the Iranian coast while collecting fees.
According to Washington, funds raised from these tolls are funneled to the IRGC.
The economic measures are part of so-called "Operation Economic Fury," President Donald Trump's campaign to restrict the Iranian regime's sources of revenue and its allies' access to tens of billions of dollars.
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"The Iranian military's latest attempt to tax global maritime trade is proof that Operation Economic Fury has left the regime desperate for money," said US Treasury Secretary Scott Bessent.
The US action formally extended the threat of sanctions to anyone who complies with Iranian demands or pays established duties in the Strait of Hormuz. The Washington text warns that any person or vessel that cooperates with the new strait authority may be providing support and receiving services from Iran's Revolutionary Guard.
The prohibition on payment of fees includes amounts in fiat currency, digital assets, offsets, informal swaps or other in-kind contributions, in addition to the provision of sensitive data about ships.
With the decision, all assets and interests in Persian Gulf Strait Authority assets located in the US or under the possession or control of US persons are blocked and must be reported to OFAC. The restriction also affects any entity controlled by the organization with a stake equal to or greater than 50%.
The Treasury Department also warned that foreign financial institutions that knowingly carry out or facilitate significant transactions on behalf of the sanctioned entity run the risk of suffering secondary sanctions, losing access to correspondent or payment accounts in the United States.
The American government has also stated that it is prepared to take action against foreign companies in other sectors that support Iranian trade, including airlines.

Source: G1

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