Trump posted on Truth Social that the U.S. will guide ships from 'neutral and innocent' countries out of the Strait of Hormuz, dubbing the effort Project Freedom. He stated, 'The Ship movement is merely meant to free up people, companies, and Countries that have done absolutely nothing wrong - They are victims of circumstance.'
OFAC's alert indicates that digital asset payments tied to the Strait of Hormuz can create significant sanctions exposure for maritime firms and financial institutions, emphasizing that crypto does not reduce legal risk.
The maximum capacity of these onshore deposits is 42 million barrels, according to data from the Iranian Oil Terminals Company. Other sources put the figure at around 50 million.
Iran's national currency, the rial, dropped to a new low of 1.81 million to the US dollar on April 29 before rebounding the next day. The rial has seen its value fall by nearly 15 percent in recent days, according to Iranian media.