By Xenix News
Thank you for reading this post, don't forget to subscribe!The US Treasury Department issued a warning yesterday stating that shipping firms might encounter sanctions if they opt to pay tolls for transit through the Strait of Hormuz.
The advisory, issued via the Department’s Office of Foreign Assets Control, categorizes toll payments as a means of conducting transactions with the Iranian regime and the Islamic Revolutionary Guard Corps, both of which are under US sanctions. The alert indicates that engaging in transactions via the waterway may expose companies and individuals to sanctions too.
“OFAC is releasing this alert to inform U.S. and non-U.S. individuals about the sanctions dangers of making these payments to, or seeking guarantees from, the Iranian regime for safe passage,” the statement notes. “These risks are present no matter the payment method.”
Prior to the onset of the Iran war in late February, approximately 3,000 ships navigated through the Strait of Hormuz each month, as reported by Lloyd’s List Intelligence. Traffic has since diminished to a trickle, with only 154 ships logged crossing throughout the month of March, based on Kpler data.