US warns shipping firms over paying Iran to transit the Strait of Hormuz

Source: AP

BEIRUT (AP) — The United States is warning shipping companies they could face sanctions for paying Iran to pass safely through the Strait of Hormuz.

The U.S. Office of Foreign Assets Control alert on Friday adds pressure in the standoff over control of the strait at the mouth of the Persian Gulf, where about a fifth of the world's trade in oil and natural gas typically passes.

Iran effectively closed the strait by attacking and threatening ships after the U.S. and Israel launched a war on Feb. 28. It later offered some ships safe passage via routes closer to its shore, charging fees at times.

The U.S. warns against transfers not only in cash but also in “digital assets, offsets, informal swaps, or other in-kind payments,” including charitable donations and payments at Iranian embassies.

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