US Sanctions Iran’s ‘Extortion Network’ Over Hormuz Tolls

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessUS Sanctions Iran's 'Extortion Network' Over Hormuz TollsThe US imposed sanctions on two Iranian companies that charge for safe passage through the Strait of Hormuz, an attempt to loosen Tehran’s grip on the vital waterway as hostilities between the countries resume.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.Ships anchored in the Strait of Hormuz near Larak Island, Iran. Photographer: Majid Saeedi/Getty Images Photo by Majid Saeedi /Photographer: Majid Saeedi/Getty(Bloomberg) — The US imposed sanctions on two Iranian companies that charge for safe passage through the Strait of Hormuz, an attempt to loosen Tehran’s grip on the vital waterway as hostilities between the countries resume.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe Treasury Department on Wednesday announced new penalties on Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, which it said force commercial vessels to purchase mandatory maritime “insurance” to transit Hormuz. The US, which has blockaded Iran’s ports as part of its effort to pressure Tehran into capitulation, also sanctioned eight companies operating “shadow fleet” vessels transporting Iranian oil.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againUS forces have repeatedly tried to pry the strait from the control of Iran’s Islamic Revolutionary Guard Corps. Iran effectively shuttered the waterway after the US and Israel launched a war on the Islamic Republic in late February, causing global energy prices to soar.The status of the waterway has been at the center of the extended conflict between the US and Iran. Tehran has sought to cement its control of Hormuz, demanding vessels obtain its permission to transit and firing on those that do not.“The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression,” Treasury Secretary Scott Bessent said in a statement.The US has consistently argued that commercial shipping should enjoy unimpeded transit through Hormuz, warning that Iran has no right to levy tolls or charge for safe passage through one of the world’s most important international waterways.“These new sanctions are the US government’s way of doubling down on the same message it has been sending to charterers and shipowners for months: pay Iran to for safe passage through the strait and you may be sanctioned,” said Claire O’Neill McCleskey, a former Treasury official and co-founder of sanctions advisory firm Clarity Compliance Consulting.The sanctions come as the White House tries to pressure Iran to resume meaningful negotiations after a memorandum of understanding between the two nations unraveled earlier this month, triggering a fresh round of hostilities.A brief days-long lull in the fighting ended on Tuesday when the two sides traded strikes. On Wednesday, Trump said the US would hit Iran hard after a recent attack that targeted a military base in Jordan. “They’re going to get a beating,” he said in a phone interview with Fox News.(Updates with comments in eighth paragraph)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.