US Treasury Secretary Scott Bessent warned that the United States will not allow Iran to hold global trade hostage. He issued the warning in a post on X on July 30, 2026, after Washington imposed new sanctions on Tehran.

Bessent said the United States would not permit Iran to use the international shipping system to finance terrorism, aggression and repression by the Islamic Revolutionary Guard Corps, or IRGC. His statement framed the sanctions as part of Washington’s opposition to Iran’s alleged use of maritime commerce for IRGC-related funding.

Earlier, the US Treasury Department said it had sanctioned two entities closely linked to an IRGC-backed extortion network. According to Washington, the network forced commercial vessels transiting the Strait of Hormuz to purchase maritime “insurance.” The US alleged that money collected through the arrangement was used to fund various IRGC activities.