US Treasury Flags Sanctions Risk Over Iran Passage Fees
The Office of Foreign Assets Control (OFAC) at the US Department of the Treasury has issued a formal advisory, highlighting significant sanctions risks associated with payments made to Iran in exchange for safe passage assurances through the Strait of Hormuz.
Multiple Payment Methods, Universal Risk
OFAC notes that requests for payment from Iranian entities may come in various forms, such as:
- Traditional fiat currency transfers
- Payments using digital assets
- Offset arrangements or informal swaps
- Payments in kind or goods
- Nominal charitable donations directed to specific Iranian foundations or embassy accounts
The agency stresses that regardless of the method or label applied, the core act of providing value to the Iranian regime or its designated entities is likely to violate US sanctions programs.
Global Audience for the Warning
The advisory is directed at both US and non-US persons and entities. OFAC clarifies that any attempt to secure safe passage guarantees through payments exposes the payer to substantial legal and compliance penalties. This warning necessitates heightened due diligence for shipping firms, traders, and financial intermediaries worldwide.
This move underscores the US government's focus on regional maritime security and its commitment to disrupting potential revenue streams to Iran. Industry participants are urged to scrutinize their transactions rigorously to avoid inadvertent sanctions violations.