The US has warned shipping companies that they risk sanctions if they pay Iran for safe passage through the Strait of Hormuz, reports BBC News.

The US Office of Foreign Assets Control stated that US persons and companies are banned from paying Iranian government entities. Additionally, non-US firms could also face penalties if such payments cause US insurers or banks to breach sanctions.

Since the war began in February, Iran has restricted traffic through the strait, while the US has enforced a naval blockade on Iranian ports since April 13. Tehran has described US interceptions of ships as acts of piracy.

Iranian officials claimed that toll revenues had already been deposited with the central bank, although no details were provided, and the BBC could not verify this claim. According to OFAC, payments could involve cash, digital assets, or in-kind transfers.

The US Treasury also sanctioned three Iranian foreign currency exchange houses, accusing them of converting oil revenue into usable currencies. Treasury Secretary Scott Bessent stated that Washington would continue to target Iran's ability to move funds.

Since the US and Israel attacked Iran on February 28, Tehran has targeted ships in the Hormuz Strait, including the seizure of two vessels. US Central Command reported that 45 commercial ships have been ordered to turn back since the blockade began.

Typically, about 3,000 ships transit Hormuz each month; however, traffic has dropped sharply to only a handful daily under the current restrictions.