U.S. OFAC Warning: Paying "Strait of Hormuz Transit Fees" to Iran via digital assets and other forms carries sanctions risks

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On May 2, the U.S. Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury said it has taken note of threats issued by Iran to shipping and of conduct that requires payment of tolls through the Strait of Hormuz in order to obtain safe passage. These requirements may involve multiple payment methods, such as fiat currency, digital assets, offset arrangements, informal swaps, or other physical forms of payment, for example making nominal charitable donations to the Iranian Red Crescent, the Bonyad Mostazafan Foundation, or accounts of the Iranian embassy. OFAC issued this advisory to remind U.S. and non-U.S. persons that paying relevant fees to the Iranian regime or seeking guarantees of safe passage carries sanctions risk, regardless of the payment method.

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