New US sanctions target Iran's Hormuz income

The United States on Wednesday announced new sanctions targeting entities linked to Iran's Islamic Revolutionary Guard Corps that it accused of extorting ships transiting the Strait of Hormuz. The announcement came as President Donald Trump warned the United States would strike Iran "hard" after a missile attack against US bases in Jordan, reigniting the war after a days-long pause. The US Treasury Department said in a statement that a scheme backed by the IRGC "forces commercial vessels to purchase mandatory maritime 'insurance' to transit the Strait." "These entities manufacture risk - including the threat of vessel seizures - and then charge commercial vessels for coverage against dangers created by the regime itself," a parallel State Department statement said.