The US Treasury Department announced new sanctions on entities linked to Iran, in what it said were measures aimed at preventing Tehran from exploiting the Strait of Hormuz as a source of revenue to bolster its economy.
The Treasury explained that the sanctions targeted two companies playing a key role in a scheme that forces ships to purchase marine insurance in exchange for passage through the Strait of Hormuz.
The US Treasury Secretary stated that Washington will not allow Iran to "hold global trade hostage" or use international shipping to fund the Islamic Revolutionary Guard Corps.
The US Treasury imposes new sanctions on entities linked to Iran.
