May 28, 2026
In a significant escalation of its ongoing “Economic Fury” campaign, the move targets the Iranian government body responsible for managing maritime traffic and regulatory oversight within the strategically vital Strait of Hormuz.
The US characterizes this latest measure as part of a “financial stranglehold” intended to achieve “maximum economic pressure” on the Iranian state.
US Treasury Secretary Scott Bessent states that the “Economic Fury” campaign seeks to “constrict the network of vessels, intermediaries, and buyers” linked to Iran, asserting that the campaign has already “disrupted tens of billions of dollars’ worth of revenue.”
In managing the Strait of Hormuz, the newly established PGSA oversees maritime traffic and collects passage fees, essential administrative duties that the US Treasury now characterizes as “extortion” and “illegitimate tolls” by an alleged front for the IRGC.
The US has warned the international community that any person or vessel complying with these Iranian regulatory requirements, whether through “toll” payments in fiat, digital assets, or in-kind contributions, now risks exposure to US sanctions.
Under the counterterrorism authority of Executive Order 13224, the US has instituted a total blockade on any property or interests of the PGSA within US jurisdiction.
The measure carries broad secondary implications, as the Treasury has threatened to impose secondary sanctions on any foreign financial institution that facilitates significant transactions for the agency.
The Treasury Department stated its intent to continue targeting “traditional sanctions evasion schemes” and “shadow fleet vessels,” signaling an ongoing and relentless pursuit to freeze funds and disrupt Iranian commerce through what the US explicitly describes as a “blockade.”
Since the establishment of the PGSA, a growing number of countries have registered their commercial ships and established direct channels with the Iranian body, utilizing the mechanism to secure their much-needed commercial trade, including India, Russia, China, Iraq, and many more.
Washington seeks to
criminalize the newly established maritime shipping mechanism by labeling fee
collection as ‘extortion’
The US Treasury
Department’s Office of Foreign Assets Control (OFAC) announced on 27 May the
designation of the Persian Gulf Strait Authority (PGSA) as an officially
blacklisted entity, effectively freezing the agency’s assets and banning any
global business with it.
In a significant escalation of its ongoing “Economic Fury” campaign, the move targets the Iranian government body responsible for managing maritime traffic and regulatory oversight within the strategically vital Strait of Hormuz.
The US characterizes this latest measure as part of a “financial stranglehold” intended to achieve “maximum economic pressure” on the Iranian state.
US Treasury Secretary Scott Bessent states that the “Economic Fury” campaign seeks to “constrict the network of vessels, intermediaries, and buyers” linked to Iran, asserting that the campaign has already “disrupted tens of billions of dollars’ worth of revenue.”
In managing the Strait of Hormuz, the newly established PGSA oversees maritime traffic and collects passage fees, essential administrative duties that the US Treasury now characterizes as “extortion” and “illegitimate tolls” by an alleged front for the IRGC.
The US has warned the international community that any person or vessel complying with these Iranian regulatory requirements, whether through “toll” payments in fiat, digital assets, or in-kind contributions, now risks exposure to US sanctions.
Under the counterterrorism authority of Executive Order 13224, the US has instituted a total blockade on any property or interests of the PGSA within US jurisdiction.
The measure carries broad secondary implications, as the Treasury has threatened to impose secondary sanctions on any foreign financial institution that facilitates significant transactions for the agency.
The Treasury Department stated its intent to continue targeting “traditional sanctions evasion schemes” and “shadow fleet vessels,” signaling an ongoing and relentless pursuit to freeze funds and disrupt Iranian commerce through what the US explicitly describes as a “blockade.”
Since the establishment of the PGSA, a growing number of countries have registered their commercial ships and established direct channels with the Iranian body, utilizing the mechanism to secure their much-needed commercial trade, including India, Russia, China, Iraq, and many more.
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