The US Treasury has issued a warning to shippers regarding the risk of sanctions if they make payments to Iran for passage through the Strait of Hormuz. This includes any charitable donations to organisations such as the Iranian Red Crescent Society. The advisory highlights the significance of preserving neutrality in maritime commerce, especially given the geopolitical tensions in the region.
The Strait of Hormuz is a critical maritime corridor, facilitating approximately 20 per cent of global seaborne crude oil and liquefied natural gas shipments. As part of its negotiations to resolve ongoing conflicts with Israel and the United States, Iran has suggested implementing fees for vessels transiting this route.
The Office of Foreign Assets Control (OFAC) within the US Treasury has indicated that any payment for safe passage, regardless of its form, may expose shippers to penalties. Furthermore, the advisory clarifies that attempts to bypass direct payments through charitable or indirect means would also be subject to sanctions.
Payment Options and Sanction Risks Highlighted
The OFAC has noted that Iran’s demands for payment could include a variety of options, such as fiat currencies, digital assets, and informal swaps, as well as donations purportedly intended for charitable organisations. The warning aims to inform both US and non-US individuals about the potential dangers of engaging in transactions that could be perceived as supporting the Iranian regime.
<h4Additionally, there have been reports suggesting that at least one payment of USD 2 million was made in the past for a vessel’s passage through the Strait, although the Treasury did not confirm specifics regarding other countries or entities involved in similar transactions.