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Ships are seen floating in the Strait of Hormuz off the coast of Oman on May 1 (local time). [Yonhap News]
The U.S. government has warned shipping companies that conduct business with Iran for safe passage through the Strait of Hormuz that they could face sanctions.
According to the Associated Press, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued an advisory on May 2 (local time) stating, "We are issuing this advisory to warn that there is a risk of sanctions for those who pay funds to the Iranian regime or request assurances (of not being attacked) for safe passage."
This warning, aimed at both U.S. and non-U.S. shipping companies, comes as Iran has effectively closed the Strait of Hormuz since the start of the war on February 28.
Iran is pursuing a plan to collect tolls from ships by proposing a bypass route near its coast.
OFAC specified various forms of payment that could be subject to sanctions, including not only cash but also digital assets, offset transactions, informal swaps, and in-kind payments.
The U.S. particularly emphasized that indirect payments made through embassies in respective countries or in the form of charitable donations are strictly prohibited.
Shipping companies find themselves in a difficult situation, facing the risk of severe U.S. sanctions if they pay tolls to ensure safe passage through the Strait of Hormuz without being attacked by Iranian forces.
In response to Iran's blockade of the Strait of Hormuz, the U.S. is conducting a maritime blockade to prevent the passage of ships associated with Iran.
According to U.S. Central Command, 45 merchant ships have been turned back since the counter-blockade began.
Although a ceasefire currently holds between the U.S. and Iran, the prolonged standoff over control of the Strait of Hormuz is increasing pressure on the global economy.
Based on pre-war figures, the Strait of Hormuz is a critical waterway through which approximately 20% of the world's oil and gas trade passes.
Meanwhile, China's Ambassador to the UN, Fu Cong, on this day, pointed to the "illegal war initiated by the United States and Israel" as the root cause of the situation and urged the resumption of negotiations to reopen the Strait of Hormuz.
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