The US Treasury Department on Friday issued a major warning to shipping companies and maritime operators. The department has said that if any company makes any payment to Iran in exchange for safe passage through the Strait of Hormuz, then strict sanctions can be imposed on it.
What did the Treasury Department say?
The Office of Foreign Assets Control (OFAC) of the Treasury Department has issued an advisory in this regard. The department has received reports that Iran is threatening ships and demanding money as ‘toll’ for safe passage. America has made it clear that whatever form this payment takes, there will be a threat of sanctions on it.
Payment methods can include cash, digital currency, or even a donation to an organization. Sending money through the accounts of Iran Red Crescent Society, Buniyad Mostazafan or Iranian Embassy will also come under this scope. The US has warned that risks remain regardless of the method of transaction.
According to the rules, American citizens and companies there are prohibited from any kind of transaction with the Iranian government. They can neither provide any service to Iran nor take any service from there. This restriction will remain in effect until special permission is received from OFAC.
Warning not only for American companies
This warning is not only for American companies. If any foreign company or individual transacts with the Iranian government or its military ‘Islamic Revolutionary Guard Corps’ (IRGC), it may also have to face punishment. Foreign banks and financial institutions have also been cautioned. If they engage in these transactions, America can close the doors of its banking system to them.
OFAC has also asked to avoid using Iran’s digital asset exchanges. America will keep its eye on Iran’s petroleum, petrochemical and shipping sectors. The US Central Command is continuously monitoring the movement of ships in this area. Companies working with Iranian ports or shipping networks may face significant risks.
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