Treasury Secretary Scott Bessent announced sanctions Thursday against Iran’s new Persian Gulf Strait Authority and warned companies against paying tolls to cross the Strait of Hormuz.

“The [Treasury] continues our Economic Fury campaign against the Iranian regime. Their troops are not getting paid, the police are not reporting for work, and Kharg Island is shut down,” Bessent wrote on X.

“The Iranian economy and currency are in free fall. Iran’s Persian Gulf Strait Authority (PGSA) is a joke, and today Treasury has sanctioned it.”

“We have warned any corporate or state entities against paying tolls or hiding them as aid payments,” he added. “Forming a Wall of Steel, the U.S. Naval Blockade has ensured a record low amount of Iranian crude on the water. We will also be shutting down both Iranian airlines’ access to landing spots, refueling, and ticket sales. Only a satisfactory outcome in negotiations will end the downward spiral.”