US Iran Tension: Amidst the ongoing tension between America and Iran, the conflict over the Strait of Hormuz has increased further. America has clearly warned that sanctions can be imposed on shipping companies that pay for safe passage to Iran. Due to this, the possibility of impact on global trade and oil market has increased.

America’s strict warning

The US has said that companies that pay Iran to pass through the Strait of Hormuz may come under the ambit of sanctions. The US Treasury’s Office of Foreign Assets Control (OFAC) warned that US citizens and companies are prohibited from making payments to Iranian government entities. Additionally, non-American companies may also be at risk of sanctions for doing so.

Big threat to shipping sector

“Maritime industry participants associated with vessels visiting Iranian ports are at significant risk of a number of sanctions that target Iran’s shipping sector and ports,” OFAC said. This statement has come at a time when US President Donald Trump said that he is not satisfied with Iran’s recent proposal. This clearly indicates that the standoff between Washington and Tehran may continue.

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America is adamant on nuclear issue

America has repeatedly said that it will not end the war until there is an agreement that prevents Iran from acquiring nuclear weapons. This was the main reason given by Donald Trump for initiating military action amid nuclear talks in February. Iran says that its nuclear program is completely peaceful.

Tension continues despite ceasefire

After the ceasefire of April 8, direct fighting between the two countries has stopped, but differences still remain on many issues. These include Iran’s nuclear program and control over the Strait of Hormuz. Since the beginning of the war, Iran has significantly limited the movement of ships passing through this route, while the US has imposed a naval blockade around Iranian ports.

Is Iran charging toll?

Last month, Deputy Speaker of the Iranian Parliament Hamid-Reza Haji Babaei said that the country had started collecting tolls from ships passing through the Strait of Hormuz. He told that the first income received from this has been deposited in the central bank of the country.

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Different payment methods

According to OFAC, these payments may be in the form of digital assets, offsets, informal deals or other means in addition to cash. This may also include charitable donations or payments made through Iranian embassies. OFAC said it would continue to target Iran’s main revenue sources, especially the petroleum and petrochemical sectors.

Had given warning of imposing toll earlier also

Before the ceasefire, Tehran had said that only friendly countries would be allowed to pass through the Strait of Hormuz. He had also indicated that toll could be imposed on ships passing through this important sea route. This route is considered very important for oil, food items, medicines and technical goods.