The US has threatened to sanction shipping companies that pay Iran tolls to transit the Strait of Hormuz.
The strategic waterway has been effectively closed following US and Israeli strikes on Iran that started in late February, with traffic restricted to a single IRGC-controlled corridor under a de facto ‘toll booth’ system. Vessels transiting the corridor reportedly require clearance codes and Iranian escort.
According to Lloyd’s List, at least two ships have paid for passage in yuan, with fees reportedly ranging from $1 million to $2 million.
On Friday, the US Office of Foreign Assets Control (OFAC) issued an alert warning of consequences for those that pay the fees.
“Maritime industry participants involved with vessels calling at Iranian ports face significant sanctions risk under multiple sanctions authorities targeting Iran’s shipping sector and ports,” the OFAC said.
The agency added that non-US entities could incur civil or criminal liability if transactions involve US-linked institutions, including insurers and financial companies.
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