Trump says US will use Iranian funds to pay for ship and cargo damage

Jul 23, 2026

President Donald Trump said on July 23, 2026, that Iranian money in the possession or control of the United States would be used to pay for damage to ships, cargo or related property. He did not specify the amount involved, the legal authority for using the funds, or how claims and compensation would be administered. The announcement came amid continuing U.S. strikes against Iranian military targets, Iranian retaliatory attacks and renewed threats to commercial shipping. U.S. Central Command said its forces had redirected 12 commercial vessels and disabled one since the naval blockade of Iranian ports was resumed. Separately, Yemen’s Iran-aligned Houthis said they had attacked two Saudi oil tankers in the Red Sea. The U.S. Treasury has also imposed sanctions targeting Iran’s military, oil exports and financial networks as part of its “Economic Fury” campaign.

Frozen Iranian asset compensation

▪United States President Donald Trump said on July 23, 2026, that Iranian money in the possession or control of the United States would be used to pay for damage to ships, cargo or related property.
▪Billions of dollars in Iranian assets remain frozen under U.S. sanctions, but Trump did not specify which funds would be used or how much money the United States currently possesses or controls.

US military strikes on Iran

▪The United States military has conducted consecutive nightly strikes against Iranian military targets to weaken Tehran's ability to threaten commercial vessels.
▪The United States has carried out a series of strikes across Iran since the previous week, while Tehran has responded with attacks on facilities and bases it says are used by the U.S. military in several countries across the region.

Naval blockade of Iranian ports

▪U.S. Central Command said U.S. forces had redirected 12 commercial vessels and disabled one to prevent ships from entering or leaving Iranian ports or coastal areas since the naval blockade was resumed.
▪The United States continues to enforce a naval blockade of Iranian ports and maintain military pressure in the region.

Strait of Hormuz shipping disruption

▪Yemen’s Iran-aligned Houthis said they had attacked two Saudi Arabian oil tankers in the Red Sea.
▪Commercial shipping has been targeted in and around the Strait of Hormuz, while Yemen’s Iran-aligned Houthis have separately claimed attacks on Saudi oil tankers in the Red Sea.

Treasury Department Economic Fury sanctions

▪The United States Treasury Department has frozen Iranian assets and imposed sweeping sanctions targeting Iran's military, oil exports, and financial networks.
▪The U.S. Treasury Department has imposed sanctions targeting Iran’s military, oil exports and financial networks as part of the administration’s “Economic Fury” campaign.