US Treasury Sanctions Iran Authorities Overseeing Strait of Hormuz

Signage is seen at the United States Department of the Treasury headquarters in Washington, DC, US, August 29, 2020. (Reuters)
Signage is seen at the United States Department of the Treasury headquarters in Washington, DC, US, August 29, 2020. (Reuters)
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US Treasury Sanctions Iran Authorities Overseeing Strait of Hormuz

Signage is seen at the United States Department of the Treasury headquarters in Washington, DC, US, August 29, 2020. (Reuters)
Signage is seen at the United States Department of the Treasury headquarters in Washington, DC, US, August 29, 2020. (Reuters)

The United States Treasury announced sanctions Wednesday against Iran's Gulf Strait Authority, Tehran's new agency that collects fees for traveling through the strategic Strait of Hormuz.

"The Iranian military's latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash," said Treasury Secretary Scott Bessent in a statement.

The statement extended the threat of sanctions to anyone paying the fees, because they "may be providing support to and receiving services from" Iran's Revolutionary Guards, and therefore may "be exposed to sanctions risk."

"Treasury has deprived the Iranian regime of revenue for their weapons programs, terrorist proxies, and nuclear ambitions," Bessent said.

The statement said the US has succeeded in disrupting "tens of billions of dollars' worth of revenue from being accessible" to Tehran.

In a post to X on May 20, the Gulf Strait Authority issued a map to define its "regulatory jurisdiction," demarcating red lines on both sides of the Strait of Hormuz that require Iran's authorization for passage.

US and Iranian forces have observed a ceasefire since April 8 while diplomats push for a negotiated settlement, but Iran's controls have tightened on Gulf shipping through the Strait of Hormuz and the US has launched strikes on Iranian targets in recent days.

Iran's foreign ministry spokesman Esmaeil Baqaei said Monday that Tehran will continue to manage traffic through the strategic Strait fo Hormuz -- through which 20 percent of the world's oil and natural gas transits -- and insisted Iran is collecting fees for "navigational services," rather than imposing tolls.

The war began after the United States and Israel attacked Iran on February 28, and saw Tehran respond with missile and drone attacks across the region.



Israel’s Parliament Sworn in as Eisenkot Tries to Forge a Government

 Former military chief Gadi Eisenkot, Israeli Prime Minister Benjamin Netanyahu, Israeli President Isaac Herzog and other Israeli officials pose for a family photo on the day of the inauguration of Israel's 26th parliament, at the Knesset in Jerusalem, November 10, 2026. (Reuters)
Former military chief Gadi Eisenkot, Israeli Prime Minister Benjamin Netanyahu, Israeli President Isaac Herzog and other Israeli officials pose for a family photo on the day of the inauguration of Israel's 26th parliament, at the Knesset in Jerusalem, November 10, 2026. (Reuters)
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Israel’s Parliament Sworn in as Eisenkot Tries to Forge a Government

 Former military chief Gadi Eisenkot, Israeli Prime Minister Benjamin Netanyahu, Israeli President Isaac Herzog and other Israeli officials pose for a family photo on the day of the inauguration of Israel's 26th parliament, at the Knesset in Jerusalem, November 10, 2026. (Reuters)
Former military chief Gadi Eisenkot, Israeli Prime Minister Benjamin Netanyahu, Israeli President Isaac Herzog and other Israeli officials pose for a family photo on the day of the inauguration of Israel's 26th parliament, at the Knesset in Jerusalem, November 10, 2026. (Reuters)

Israel's parliament was sworn in on Tuesday without a new government, after a deadlocked general election stripped Prime Minister Benjamin Netanyahu of his parliamentary majority but left his main rivals with no clear path to power.

Lawmakers elected in the October 27 vote took their oaths of office as Gadi Eisenkot, a former general, sought to forge a coalition after Israel's president tasked him on Sunday with forming a government.

Eisenkot and his allies also lack a majority and he has yet to strike deals with parties that could bring him to power. If both Eisenkot and Netanyahu fail to form coalitions, another election could follow.

Presiding over the swearing-in ceremony, President Isaac Herzog told lawmakers: "You must do everything to avoid a repeat election."

"Reach out a hand for compromise, even between rivals... Look ‌upon one another with ‌generosity. There is much work to be done here, and it requires the ‌ability ⁠and experience found ⁠in every part of this House."

PARLIAMENT COULD TRY TO SET UP OCTOBER 7 INQUIRY

Netanyahu remains caretaker prime minister until a new candidate manages to form a coalition. His right-wing Likud party's alliance with far-right and ultra-Orthodox parties outperformed election expectations but still lost its majority, now holding 53 of the Knesset's 120 seats.

Eisenkot's center-right Yashar party and patchwork partner factions hold just 48 seats. But they have potential allies in Israel's Arab-led parties, which hold 19 seats and are aligned with Eisenkot in their vehement opposition to Netanyahu.

This means that the newly sworn-in parliament could still deliver on some of Eisenkot's campaign promises, such as potentially setting ⁠up a commission of inquiry into the October 7, 2023 Hamas attacks, something backed ‌by the Arab parties but largely opposed by Netanyahu.

It also could allow ‌Eisenkot to replace the current Knesset speaker, a Likud member.

Herzog told Knesset members that parliament was "duty bound to leave no stone unturned" ‌in investigating and understanding the "catastrophe" of October 7, while Israel continues to face threats from Iran and its proxies.

Eisenkot ‌initially has until December 6 to form a government but he can seek a two-week extension to December 20. He has acknowledged his path to power is "extraordinarily complex".

His options include trying to form a minority government with Arab party support, bringing ultra-Orthodox parties into his camp despite years of mutual hostility, or forging a unity government with Netanyahu. All three paths face formidable obstacles.

Ultra-Orthodox parties have so ‌far said they would not join an Eisenkot-led government.

For his part, Netanyahu has cast doubt on the election results by baselessly alleging voter fraud by Arabs, who make ⁠up a fifth of the population. ⁠Election officials have said they are probing potential misconduct, but that they have seen no evidence of fraud that could have influenced the vote's outcome.

Speaking after parliament was sworn in, Netanyahu called for a unity government, warning that Iran was seeking to revive its nuclear program and that Israel could come under growing international pressure to accept a nuclear-armed Iran.

"Only such a (unity) government will be capable of confronting challenges of this magnitude," he said.

If Eisenkot fails to form a government, Herzog would likely ask Netanyahu to try to build a coalition. If he also fails, another candidate would get a chance before Israel would be forced into another election.

Moments after the official opening of parliament, Eisenkot and his allies submitted a series of bills, including legislation to establish a state commission of inquiry into the October 7 attacks and to impose term limits on the prime minister. They also proposed repealing a controversial judicial overhaul and other laws enacted under Netanyahu's government over the past four years.

Among those sworn in on Tuesday was Elisha Madan, a military reservist who lost both legs fighting in Gaza. He received a standing ovation from lawmakers as he rose on his prosthetic legs to take the oath of office.


Paraguay Partially Reimburses Almost All Bank Crisis Victims

The interior of a closed Ueno Bank's office, which Paraguay's central bank seized amid a solvency crisis, is seen through its window that broken last week during a protest against the government and the bank in Asuncion, Paraguay, Monday, Nov. 9 , 2026. (AP)
The interior of a closed Ueno Bank's office, which Paraguay's central bank seized amid a solvency crisis, is seen through its window that broken last week during a protest against the government and the bank in Asuncion, Paraguay, Monday, Nov. 9 , 2026. (AP)
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Paraguay Partially Reimburses Almost All Bank Crisis Victims

The interior of a closed Ueno Bank's office, which Paraguay's central bank seized amid a solvency crisis, is seen through its window that broken last week during a protest against the government and the bank in Asuncion, Paraguay, Monday, Nov. 9 , 2026. (AP)
The interior of a closed Ueno Bank's office, which Paraguay's central bank seized amid a solvency crisis, is seen through its window that broken last week during a protest against the government and the bank in Asuncion, Paraguay, Monday, Nov. 9 , 2026. (AP)

Almost all eligible depositors who lost access to their money in a bank seizure that rocked Paraguay have had part of their funds reimbursed, the Central Bank said Tuesday.

The November 3 takeover of Ueno Bank amid major insolvency concerns locked almost half the population of the normally stable country out of their accounts.

Senators impeached President Santiago Pena, who is linked to Ueno, over the crisis -- a key demand of large-scale nationwide protests along with the return of the money.

The government, now led by Pena's former vice president Pedro Alliana, sped up the return of deposits via a guarantee fund.

Ninety-three percent of eligible depositors had been at least partially reimbursed via the fund as of Monday, its director Jose Maciel told a press conference.

"They finally transferred the money I was missing," 45-year-old Rosario, who preferred not to give her surname, told AFP.

Between Thursday and Monday, $340 million had been reimbursed to nearly 1.7 million people, according to Central Bank data.

The bank has identified 1,867,000 Ueno clients entitled to access the guarantee fund, its press office told AFP, without specifying how many people do not qualify.

Ueno began as a small fintech company with a digital-first model that attracted many low-income customers.

Within three years it became a major bank handling state pensions and the accounts of several government entities.

The number of individuals affected by the crisis surpasses the number of direct clients of the bank, which held over $800 million in public funds.


Rubio Says No Need for Major Combat Operations Against Iran Given US Economic Campaign

US Secretary of State Marco Rubio speaks to the press during the G7 foreign ministers summit at the George C. Marshall Center in the Hotel Talleyrand in Paris on November 10, 2026. (AFP)
US Secretary of State Marco Rubio speaks to the press during the G7 foreign ministers summit at the George C. Marshall Center in the Hotel Talleyrand in Paris on November 10, 2026. (AFP)
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Rubio Says No Need for Major Combat Operations Against Iran Given US Economic Campaign

US Secretary of State Marco Rubio speaks to the press during the G7 foreign ministers summit at the George C. Marshall Center in the Hotel Talleyrand in Paris on November 10, 2026. (AFP)
US Secretary of State Marco Rubio speaks to the press during the G7 foreign ministers summit at the George C. Marshall Center in the Hotel Talleyrand in Paris on November 10, 2026. (AFP)

Secretary of State Marco Rubio said on Tuesday that he told G7 allies the US economic sanctions and naval blockade are working so well that President Donald Trump does not need to conduct major combat operations against Iran. 

Speaking to reporters in Paris after two days of meetings with G7 allies, Rubio repeatedly pushed back on the assertion that not returning to military action would amount to a stalemate or status quo. 

"The economic pain that is being inflicted on Iran right now is extraordinary, and ‌it compounds. ‌It's growing every day," Rubio said.  

On Monday, Trump said he plans to hold off on military strikes against Iran after appeals from countries in the region, including from Qatar's prime minister in White House talks. 

"We don't need to conduct military strikes if we're achieving the same objective through economic means and economic pressure. That's ⁠not stalemate," Rubio said. "Never has Iran ever faced the ‌inability to sell energy in ‌the global market like they are today." 

VANCE PREFERS DEAL WITH IRAN: SOURCE 

Some of ‌Trump's top advisers also prefer economic pressure over military strikes, namely ‌newly installed White House chief of staff Stephen Miller and Treasury Secretary Scott Bessent, a person familiar with the thinking said. Vice President JD Vance prefers a deal with Iran, but Trump is for now convinced that ‌a tenable deal is not possible, the person said. 

The White House did not respond to a request ⁠for comment. 

Trump ⁠has acknowledged the Iran war was one reason for Republicans' defeat in last week's midterm congressional elections, while Vance, seen as a potential successor to Trump when his term ends in two years, was more definitive, saying, "The reason we lost is the war." 

The US has maintained sanctions against Iran for decades, most of which have been aimed at curtailing the country's oil revenue, acquisition of weapons components and at cutting off funding for business enterprises controlled by the Iranian Revolutionary Guard Corps, a dominant force in the Iranian economy. 

Tehran has weathered the sanctions, but the naval blockade that the US imposed has inflicted severe economic damage on the country. 

STRAIT OF HORMUZ SECURITY 

Rubio also pressed other nations Tuesday to “step up” and help protect shipping from Iranian attacks in the Strait of Hormuz but acknowledged making no headway on the issue at the Paris talks. 

“I raised it. I didn’t get a response,” Rubio said when asked how other G7 foreign ministers reacted to his appeal. 

Rubio said the United States will continue to defend shipping through the strategic waterway, where vessels continue to face drone attacks. 

"We've actually encouraged our partners to join us in the effort of defending global shipping,” he said after two days of talks in Paris on the Middle East, Ukraine and other issues. 

US allies including France have said fighting would have to stop before they could provide minesweepers and other assistance to safeguard tankers and other ships passing through the strait. 

Rubio described the situation as “kind of a Catch-22.” 

“Part of the challenge we have is there’s countries out there that say, ‘Well, we’re ready to provide forces to help defend shipping once there’s no risk of conflict,'” he said. 

“We think it's in the interest of the world to protect shipping because the US doesn’t get any oil from there,” he added. “These countries should step up. I think a couple are thinking about it," he said.