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US Treasury Targets Iran-Linked Entities Over Hormuz 'Safe Passage,' Expands Secondary Sanctions

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The US Treasury's Office of Foreign Assets Control on Monday issued a statement warning that shippers, insurers, and financial firms risk sanctions for engaging with three Iran-linked entities that demand "safe passage" tolls in the Strait of Hormuz, even if no payment changes hands.

The alert updated the May 1 guidance and names the Persian Gulf Strait Authority, the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority.

PGSA was earlier designated on May 27 for allegedly aiding Iran's Islamic Revolutionary Guard Corps, while both the PGMIC and Hormuz Safe were designated on July 29 to operate in Iran's financial sector.

OFAC said toll demands could come disguised as charitable donations, digital assets, offsets or government swaps, not just cash.

US persons are generally prohibited from transacting with Iran, the IRGC or Iranian digital asset exchanges. Non-US firms also face exposure to secondary sanctions and could be held liable if their payments cause US insurers or banks to breach sanctions.

The move comes as part of a broader sanctions campaign, dubbed "Operation Economic Outcast," announced by Treasury Secretary Scott Bessent on Monday.

Treasury broadened the scope of potential secondary sanctions to cover digital assets, technology, gold, aviation, and shipping, giving OFAC greater reach against foreign Iran-linked activity.

The campaign also included nearly 60 new designations of entities, individuals and vessels.

Treasury also warned about sanctions risks for companies that comply with Iran's shipping demands in the Strait of Hormuz, as it continues to track oil-smuggling and revenue networks.

Treasury said Iran's oil-smuggling network spans brokers, shipping firms, bunkering providers and financial intermediaries across the UAE, Hong Kong, China, Singapore, Switzerland and Europe.

The network helps transport Iranian crude to East Asian markets and channel oil revenue to the IRGC-Qods Force and other regime-linked entities.

Treasury designated UAE-based Syrian national Mohammad Ahmed Suhil Fattouh for supporting the National Iranian Oil Company, Al-Qatirji Company and Sepehr Energy Jahan Nama Pars Company through shadow fleet brokerage.

The agency also sanctioned UAE-based Amdeh Ship Management and Operation over its Iran-related activities.

Treasury designated UAE-based Ukrainian national Ivan Obukhov for supporting IRGC-Qods Force oil sales, including through cryptocurrency payments, and sanctioned UAE-based Foscom, which he owns and manages.

Treasury designated Singapore-based Azure Shipping and Singapore-based Mansoor Tayabbhai Gandhi for petroleum-sector activity after Azure worked with National Iranian Tanker Company on ship-to-ship services. It also sanctioned Gandhi-linked Arc Chartering and Sky Oil and Gas Asia.

Treasury designated Hong Kong-based Shipoil, Dubai-based Shipoil FZCO and Ship Fuels and Trade DMCC for bunkering services while coordinating with National Iranian Tanker, Persian Gulf Petrochemical Industries Commercial Company, Triliance Petrochemical and Mohammad Hossein Shamkhani.

The agency also designated UAE-based Unique Oasis Shipping Services and Target Horizon Shipping for supporting Islamic Republic of Iran Shipping Lines, including through hundreds of thousands of dollars in bunkering services.

The Treasury designated Georgios Tsoris and the UAE-based Good Luck Shipping for supporting the Islamic Republic of Iran Shipping Lines, while Almpertos Tsoris also faced sanctions for operating in Iran's petroleum sector.

Treasury designated Singapore-based Wellbred Capital for acting on behalf of or being owned or controlled by Mohammad Hossein Shamkhani, while UAE-based Wellbred Trading and Switzerland-based Wellbred Trading faced designations over their links to Wellbred Capital.

Treasury also designated France-based La Nivernaise de Raffinage for its ownership or control link to Switzerland-based Wellbred Trading SA.

Treasury designated Marshall Islands-based Sifra Shipping and Hong Kong-based Vienna Shipping for operating in Iran's petroleum sector after their tankers transported hundreds of thousands of barrels of Iranian LPG, ethylene and petroleum products.

Treasury also designated Hong Kong-based Riqueza Group and China-based Lilimoon Navigation for the same reason after their tankers transported millions of barrels of Iranian oil to China.

UK-based Estanica Trading was also designated for operating in Iran's petroleum sector.

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