The US Treasury Department announced new sanctions targeting Iran's efforts to generate income from the Strait of Hormuz. The sanctions target a mechanism that the US says is backed by Iran's Islamic Revolutionary Guard Corps.
Two companies, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, were added to the sanctions list for their alleged role in this scheme. According to the US, the mechanism forces commercial ships to purchase mandatory maritime insurance to pass through the strait, thereby generating revenue for Iran.
The sanctions also aim to increase pressure on Iran's energy shipments. As part of this, eight vessels carrying Iranian crude oil and petrochemical products, along with eight companies based in China, Hong Kong, and the Marshall Islands that own or operate these ships, were sanctioned.
The sanctioned vessels fly the flags of the Marshall Islands, Mozambique, Barbados, and Vanuatu, while the flag of one ship is unknown, according to the statement.