US warns shipping firms over paying Iran to transit the Strait of Hormuz

BEIRUT: The United States is warning shipping companies they could face sanctions for making payments to Iran to safely pass through the Strait of Hormuz.
The US Office of Foreign Assets Control alert posted Friday adds pressure in the standoff between the US and Iran over control of the strait at the mouth of the Arabian Gulf, where about a fifth of the world’s trade in oil and natural gas typically passes.
Iran effectively closed the strait by attacking and threatening ships after the US and Israel launched a war on Feb. 28. It later began offering some ships safe passage by detouring them through routes closer to its shore, charging fees at times.
That “tollbooth ” effort is the focus of the US sanctions warning, which said payment demands could include transfers not only in cash but also “digital assets, offsets, informal swaps, or other in-kind payments,” including charitable donations and payments at Iranian embassies.
The US responded to Iran’s closure of the strait with a naval blockade of Iranian ports on April 13, preventing Iranian tankers from leaving and depriving Tehran of oil revenue it needs to shore up its ailing economy.
The US Central Command has said 45 commercial ships have been told to turn around since the blockade began.