New Iran-related sanctions targeting tankers issued by US Treasury Department

“With its economy in freefall and inflation in the triple digits, the regime is desperate for cash,” said Treasury Secretary Scott Bessent.Follow us on GoogleA ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran; Illustrative.(photo credit: Majid Saeedi/Getty Images)ByREUTERS, JERUSALEM POST STAFFJULY 29, 2026 19:58The United States on Wednesday issued another round of Iran-related sanctions, targeting eight tankers and 10 entities, according to a notice posted on the US Treasury Department's website.Six of the entities targeted on Wednesday were based in China, according to the Office of Foreign Assets Control (OFAC)'s notice.Over 100 ships have been sanctioned by OFAC since January 2026, the Treasury added.According to the Treasury, several of the entities are involved in an Islamic Revolutionary Guard Corps (IRGC)-backed extortion scheme forcing ships to purchase mandatory maritime “insurance” to transit the Strait of Hormuz.The scheme, identified by the Treasury as the "Hormuz Safe" program, was established by Iran’s primary insurance regulator covering risks largely imposed by the Islamic Republic itself, including attacks on ships, with the funds intended to finance the regime's activities.US Treasury Secretary Scott Bessent walks off Air Force One after accompanying President Donald Trump on a trip on July 22, 2026 at Joint Base Andrews, Maryland. (credit: KEVIN DIETSCH/GETTY IMAGES)Regime financier Babak Morteza Zanjani promoted Hormuz Safe on his social media platform, the Treasury noted.Zanjani was sanctioned earlier this year, with additional sanctions imposed by the Treasury on Friday targeting individuals and entities involved in an Iranian financial evasion network run by the financier.Bessent: Regime 'desperate for cash,' Iranian economy 'in freefall'“With its economy in freefall and inflation in the triple digits, the regime is desperate for cash,” said Treasury Secretary Scott Bessent. “The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression.”The sanctions come after US President Donald Trump earlier on Wednesday vowed to hit Iran hard, according to an interview with Fox News, after the US military said it had intercepted multiple ballistic missiles launched by Iran towards American forces in the Middle East.Follow us on Google