US Sanctions Iran's Persian Gulf Strait Authority Amid Tensions in Strait of Hormuz

**Executive Summary:** The U.S. Treasury sanctioned Iran's newly created Persian Gulf Strait Authority (PGSA) for allegedly extorting shipping on behalf of the IRGC, warning that payments or cooperation with the PGSA could trigger U.S. sanctions; the action has sharply reduced traffic through the Strait of Hormuz and raises compliance, financial, and operational risks for shippers, insurers, and banks.