Commodities
US Sanctions Eight Iran-Linked Tankers Over Revenue Generation Scheme
The US Treasury Department's Office of Foreign Assets Control (OFAC) has imposed new sanctions on eight Iran-linked tankers and 10 entities.
The targeted entities are helping Iran generate revenue from ships transiting the Strait of Hormuz, a crucial oil shipping route.
Treasury Secretary Scott Bessent said that with Iran's economy in 'freefall' and inflation in triple digits, the regime is desperate for cash.
The sanctions include two maritime firms: Persian Gulf Marine Insurance Co and HormuzSafe Marine Services Authority. Six of the sanctioned entities are based in China.