Full Breakdown
US Treasury Warns Shippers of Sanctions Over Iran Toll Payments in Strait of Hormuz
5/3/2026, 12:01:15 PM
Sanctions Warning on Hormuz Toll Payments
On 1 May, OFAC warned that payment—cash, digital assets, swaps, or charitable donations—to Iran for safe passage through Strait of Hormuz could expose U.S. persons, U.S.-owned entities, and non-U.S. firms to sanctions. Advisory names the Iranian Red Crescent Society, Bonyad Mostazafan and Iranian embassy accounts as prohibited recipients.
Background & Context
After U.S. and Israeli strikes on 28 February 2026, Iran closed the Hormuz corridor and announced vessel tolls, saying the first revenue was deposited with its central bank. United States responded with a naval blockade on 13 April and a counter-blockade that turned away 45-48 commercial ships in three weeks.
Data & Statistics
Strait moves 20 % of crude oil and LNG. Traffic of ~3,000 ships per month fell to a handful daily. OFAC reports at least one $2 million payment. U.S. estimates the blockade cost Iran $4.8 billion; aid costs to Sudan have doubled, adding 25 days of transit.
Why It Matters
Rerouting ships around Cape of Good Hope raises fuel and freight costs, inflating prices for oil, food, medicines and supplies. UNHCR warns that transport costs “disproportionately affect people in emergencies,” threatening aid to refugees and displaced populations.
Official Statements & Responses
OFAC says all payment forms to Iran are prohibited under U.S. sanctions. Treasury Secretary Scott Bessent reiterated a policy of targeting the regime’s funding. 45-48 vessels were redirected, and the Treasury sanctioned three Iranian foreign-exchange houses and the Panama-flagged tanker NEW FUSION.
Criticism & Opposition
Iran’s government calls U.S. naval actions “piracy” and labels the toll demand “illegal.” Hamidreza Haji Bababei says the toll is a legitimate revenue measure; President Masoud Pezeshkian calls the blockade “intolerable.” Analysts note China, the biggest oil buyer, may keep buying unless U.S. sanctions hit Chinese banks, raising geopolitical tension.
Verbatim Quotes
- “OFAC is issuing this alert to warn U.S. and non-U.S. persons about the sanctions risks of making these payments to, or soliciting guarantees from, the Iranian regime for safe passage,” — Office of Foreign Assets Control (OFAC)
- “These risks exist regardless of payment method.” — Office of Foreign Assets Control (OFAC)
- “Treasury Secretary Scott Bessent underscored Washington's hardline stance, stating: 'We will relentlessly target the regime's ability to generate, move, and repatriate funds, and pursue anyone enabling Tehran's attempts to evade sanctions.” — Treasury Secretary Scott Bessent
- “U.S. persons and U.S.-owned or -controlled foreign entities are generally prohibited under U.S. sanctions from engaging in transactions with the Government of Iran, including the provision or receipt of services, unless exempt or authorized by OFAC,” — Office of Foreign Assets Control (OFAC)
Conflicting Reports & Gaps
Sources differ on the toll structure: some cite a $1-per-barrel fee, others report a single $2 million payment. Iran’s claim of depositing toll revenue has not been independently verified.
What’s Next
Iran has sent a new cease-fire proposal to Pakistani mediators; the United States has not confirmed receipt. OFAC warned that future sanctions could target additional payment channels and entities facilitating toll transactions, while shippers intensify due-diligence on Hormuz transits.
