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US Treasury Bans Payments to Iran for Hormuz Passage

5/2/2026

Summary

Story summary

On May 1, 2026 the U.S. Treasury issued guidance banning payment to Iran or the Islamic Revolutionary Guard Corps (IRGC) for Strait of Hormuz passage.
The guidance makes cash, digital assets, offsets, informal swaps or charitable donations to the Iranian Red Crescent Society or Bonyad Mostazafan sanctionable.
Bessent said the U.S. will target fund movements after OFAC sanctioned three Iranian exchange houses and the Panama-flagged tanker NEW FUSION, which paid $2 million for passage.

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Story summary

On May 1, 2026 the U.S. Treasury issued guidance banning payment to Iran or the Islamic Revolutionary Guard Corps (IRGC) for Strait of Hormuz passage.
The guidance makes cash, digital assets, offsets, informal swaps or charitable donations to the Iranian Red Crescent Society or Bonyad Mostazafan sanctionable.
Bessent said the U.S. will target fund movements after OFAC sanctioned three Iranian exchange houses and the Panama-flagged tanker NEW FUSION, which paid $2 million for passage.