Treasury Department warns mariners of sanctions risks from Iranian organizations

The US Treasury Department is telling the global shipping industry to think twice before engaging with Iranian entities operating in the Strait of Hormuz, even if no money changes hands. An updated alert from the Office of Foreign Assets Control warns that simply responding to information requests from Iranian-linked organizations could expose companies to significant sanctions liability.

The warning, issued on August 24, 2026, builds on an earlier notification from May 1. It names three Iranian entities specifically: the Persian Gulf Strait Authority (PGSA), the Persian Gulf Marine Insurance Company (PGMIC), and HormuzSafe Marine Services Authority. All three were designated under US sanctions programs in May and July 2026 for their role in sanctions evasion tied to Iran’s Islamic Revolutionary Guard Corps.

The extortion playbook

PGSA and its affiliated organizations demand vessel information, insurance payments, and tolls from ships passing through. Treasury Secretary Scott Bessent characterized the arrangement as an extortion tactic backed by the IRGC, designed to artificially manufacture danger and profit from selling protection against it.

What makes this alert particularly notable is its scope. OFAC is warning that engagement with these entities, not just payment, could trigger sanctions exposure. Providing vessel details, sharing insurance documentation, or even acknowledging the demands could put shipping companies, insurers, and port operators in regulatory crosshairs.

Digital assets in the sanctions crosshairs

OFAC’s alert explicitly notes that payments to Iranian entities may be demanded in various forms, including digital assets.

The bigger picture: Economic Fury

The Hormuz warning sits within a broader campaign the Treasury Department has labeled “Economic Fury,” targeting Iran’s remaining revenue streams. Since early 2026, OFAC has sanctioned over 100 vessels associated with Iran’s shadow fleet, the network of ships that transport Iranian oil and commodities in violation of international sanctions.

Iran’s economy is providing the backdrop for these escalating tactics. The country faces severe inflation, and its traditional export channels have been progressively strangled by US sanctions over recent years. The PGSA scheme represents an attempt to create entirely new revenue streams through geographic coercion rather than commodity exports.

Secretary Bessent framed the updated alert as part of a coordinated effort to counter Iran’s manipulation of global commerce.

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