US Sanctions 2 Iranian Companies, Accused of Blackmail in the Strait of Hormuz

ILLUSTRATION PHOTO/DOK US NAVY

JAKARTA - The Donald Trump administration has imposed sanctions on two Iranian companies accused of supporting extortion practices in the Strait of Hormuz.

The Persian Gulf Marine Insurance Company and the HormuzSafe Marine Services Authority are integral parts of an extortion scheme supported by the Islamic Revolutionary Guard Corps (IRGC), which forces commercial vessels to purchase mandatory maritime "insurance" to cross the strait, a US Department of the Treasury press release said. (AS) reported by CNN, Wednesday, July 29.

The restoration of free and open traffic in this vital waterway remains a curious problem as Iran seeks to maintain its control over the strait.

According to the Treasury Department, the insurance provided by the companies "undertakes risks - most of which are actually created by Iran itself, such as the seizure of ships - and aims to generate revenue to fund the regime's acts of terror and corruption."

The US government has also sanctioned companies operating "shadow fleet" vessels that have transported Iranian crude oil and petrochemical products - which are sanctioned - to China and the United Arab Emirates.