US Slams Iran's 'Hormuz Extortion' Network with Fresh Sanctions

The US Treasury Department has targeted an Iranian maritime service firm network accused of extorting commercial vessels passing through the Strait of Hormuz.

The sanctions were imposed on two firms, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, for operating an insurance scheme backed by the Islamic Revolutionary Guard Corps (IRGC).

The scheme allegedly charges vessels for protection against risks, including seizures, created largely by Iran itself.

Treasury Secretary Scott Bessent said the sanctions were intended to prevent Iran from exploiting international shipping to fund the IRGC's operations.

The US has also sanctioned eight companies operating tankers that allegedly transported millions of barrels of Iranian crude oil and petroleum products, primarily to China and the UAE.