The U.S. Treasury Department's Economic Fury campaign has designated Iran's Persian Gulf Strait Authority (PGSA) as an entity that coordinates with the Islamic Revolutionary Guard Corps (IRGC) and IRGC Navy to extort commercial vessels transiting the Strait of Hormuz. The PGSA forces vessels to submit information and follow Iranian-designated routes near Iran's coast under IRGC instructions, charging illegitimate tolls that are funneled directly to the IRGC, a designated Foreign Terrorist Organization. Payments are accepted in fiat currency, digital assets, offsets, informal swaps, or in-kind contributions including nominally charitable donations. The Treasury reported that its campaign has disrupted tens of billions of dollars in Iranian regime revenue, frozen nearly $500 million in regime-linked cryptocurrency, and targeted shadow banking networks, weapons supply chains, and shadow fleet operations. The designation under Executive Order 13224 prohibits all U.S. persons from transactions involving PGSA, and foreign entities or financial institutions that cooperate with the authority face sanctions exposure, including secondary sanctions, with potential civil or criminal penalties on a strict liability basis.
Treasury's Economic Fury campaign targets Iran's Persian Gulf Strait Authority (PGSA), an IRGC extortion scheme
The U.S. Treasury sanctioned the Persian Gulf Strait Authority (PGSA) for operating an IRGC-directed extortion racket that charges vessels tolls to transit the Strait of Hormuz.
