US sanctions on Strait of Hormuz management agency

The US Treasury Department has imposed sanctions on a new agency in charge of managing Iran's Persian Gulf and strategic Strait of Hormuz.

In a statement,  the US said the agency, called the 'Persian Gulf Strait Authority', is charging fees for ships passing through the Strait of Hormuz, which it alleges is affecting international maritime trade  on Wednesday.

US Treasury Secretary Scott Besant said that Iran's military is trying to raise revenue by collecting money from maritime trade, which is a reflection of the country's economic crisis.

The Treasury Department statement also said that paying such fees could also put the parties involved at risk of sanctions, as it could be seen as indirectly supporting Iran's Revolutionary Guard Corps.

The United States claims that it has so far deprived Iran of billions of dollars in revenue from various financial activities, aimed at limiting the country's weapons programs, financing armed groups and nuclear activities.

On the other hand, Iran says that it provides security and navigation services under the control and management of shipping in the Strait of Hormuz and considers the collection of fees for this as legitimate.

A large part of the global energy supply is transported through the Strait of Hormuz, known as an important oil and gas transportation route in the world.