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US announces sanctions against Iran over Strait of Hormuz

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On Wednesday, the United States Treasury declared sanctions against Iran’s Persian Gulf Strait Authority, which is the new agency in Tehran responsible for collecting fees for passage through the crucial Strait of Hormuz. 

Treasury Secretary Scott Bessent remarked in a statement, "The Iranian military’s recent effort to extort global maritime trade demonstrates that Economic Fury has left the regime in dire need of funds."

The statement broadened the scope of sanctions to include anyone who pays these fees, as they "may be providing support to and receiving services from" Iran’s Revolutionary Guards, thus potentially facing "sanctions risk." Bessent further stated, "Treasury has cut off the Iranian regime's revenue streams for their weapons programs, terrorist proxies, and nuclear aspirations."

According to the statement, the US has effectively disrupted "tens of billions of dollars’ worth of revenue from being accessible" to Tehran. On May 20, the Persian Gulf Strait Authority shared a map on X to outline its "regulatory jurisdiction," marking red lines on either side of the Strait of Hormuz that necessitate Iran’s approval for passage.

Since April 8, US and Iranian forces have maintained a ceasefire while diplomats strive for a negotiated resolution; however, Iran has tightened its controls over Gulf shipping in the Strait of Hormuz, and the US has conducted strikes on Iranian targets in recent days.


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