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About a fifth of the world’s trade in oil and natural gas typically passes through the strait at the mouth of the Arabian Gulf in peacetime
File picture of cargo ships in Strait of Hormuz. For illustrative purposes only.
The United States is warning shipping companies that they could face sanctions for making payments to Iran to safely pass through the Strait of Hormuz.
The alert posted Friday by the US Office of Foreign Assets Control adds another layer of pressure in the standoff between the US and Iran over control of the Strait of Hormuz.
About a fifth of the world’s trade in oil and natural gas typically passes through the strait at the mouth of the Arabian Gulf in peacetime.
Iran effectively closed the strait to normal traffic by attacking and threatening to attack ships after the U.S. and Israel launched a war on Feb. 28. It later began offering some ships safe passage by detouring them through alternate routes closer to its shoreline, charging fees at times for the service.
That “tollbooth” effort is the focus of the US sanctions warning.
The payment demands could include transfers not only in cash but also “digital assets, offsets, informal swaps, or other in-kind payments,” including charitable donations and payments at Iranian embassies, OFAC said.
“OFAC is issuing this alert to warn US and non-U S persons about the sanctions risks of making these payments to, or soliciting guarantees from, the Iranian regime for safe passage. These risks exist regardless of payment method,” it said.
The US responded to Iran’s closure of the strait with a naval blockade of its own on April 13, preventing any Iranian tankers from leaving and depriving Iran of oil revenue it needs to shore up its ailing economy.
The US Central Command said 45 commercial ships have been told to turn around since the blockade began.
Associated Press
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