US issues sanctions targeting Iran’s strategic grip on Strait of Hormuz
The United States government has announced a new wave of sanctions that it claims will affect Iran’s ability to control the Strait of Hormuz and gain revenue from the Persian Gulf waterway.
The US Treasury Department said on Wednesday that it had imposed sanctions on 10 entities and eight tankers to prevent what it described as Iran's efforts to “monetize the Strait of Hormuz”.
The designations announced by the Treasury's Office of Foreign Assets Control (OFAC) included two Iranian firms, namely the Persian Gulf Marine Insurance Co and Hormuz Safe Marine Services Authority.
OFAC claimed the two have played a major role in Iran's efforts to receive crypto assets and other forms of revenue from ships transiting Hormuz.
Designations were also announced for six entities that were based in China, including in Hong Kong, one in the United Kingdom and one in the Marshall Islands.
The sanctions come amid US efforts to disrupt Iran's control over the Strait of Hormuz, a key waterway which is responsible for a fifth of the global oil supply.
Iran has imposed tight controls on Hormuz since the early days of the US-Israeli aggression in March to protect its security and to collect funds it could use for reconstruction after the aggression.
Iran briefly eased its restrictions on transit in Hormuz last month after signing an initial agreement with the US, which was aimed at permanently ending the aggression.
But controls were reintroduced after the United States and its allies tried to ignore Iran's rights under the agreement to manage the Strait.
Iranian authorities have repeatedly said the situation in the Strait of Hormuz will never return to its pre-war status while indicating that the only way transit could flow unimpeded is for the United States and allies to completely lift the sanctions on Iran.
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