Economic Fury Targets Iranian Maritime Extortion

Treasury Sanctions Persian Gulf Strait AuthorityWASHINGTON—Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against Iran’s so-called Persian Gulf Strait Authority, a new attempt by Iran’s Islamic Revolutionary Guard Corps (IRGC) to monetize its campaign of state-sponsored terror by extorting vessels transiting the Strait of Hormuz. This entity spearheads an Iranian-controlled scheme that flagrantly violates international law and U.S. sanctions. Anyone cooperating with the so-called strait authority may be providing support to and receiving services from the IRGC, which ultimately benefits from this attempted extortion, and may therefore be exposed to sanctions risk. “The Iranian military’s latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash,” said Secretary of the Treasury Scott Bessent. “Through Economic Fury, the United States has imposed a financial stranglehold on the world’s leading state sponsor of terrorism.