US Treasury Sanctions Firms in Iranian Strait of Hormuz Extortion Scheme

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned two firms involved in an Islamic Revolutionary Guard Corps (IRGC)-backed extortion network. This scheme compelled commercial vessels to purchase mandatory maritime "insurance" to transit the Strait of Hormuz. The action aims to prevent Iran from leveraging global commerce for financial gain and to disrupt funding for IRGC terrorism, safeguarding international shipping.