OFAC Warns Shippers of Iran Strait Toll Sanctions Risks

The U.S. Treasury Department's Office of Foreign Assets Control issued an advisory on Friday warning shipping companies and maritime operators worldwide of potential sanctions for making payments to Iran in exchange for safe passage through the Strait of Hormuz.

The alert highlighted Iranian threats to shipping and demands for what it described as "toll" payments, which could take various forms including fiat currency, digital assets, offsets, informal swaps or in-kind contributions such as donations to organizations like the Iranian Red Crescent Society, Bonyad Mostazafan or Iranian embassy accounts. "OFAC is issuing this alert to warn U.S. and non-U.S. persons about the sanctions risks of making these payments to, or soliciting guarantees from, the Iranian regime for safe passage. These risks exist regardless of payment method," the advisory stated.

U.S. persons and U.S.-controlled entities are generally prohibited from such transactions with the Iranian government or its Islamic Revolutionary Guard Corps, which faces multiple U.S. sanctions including counterterrorism designations, unless specifically authorized. Non-U.S. persons risk secondary sanctions, which could restrict...