Iran imposes cryptocurrency fees on oil tankers passing through the Strait of Hormuz.
During the two-week ceasefire with the US, Iran required oil tankers passing through the Strait of Hormuz to pay fees in cryptocurrency to avoid international sanctions.
The Tehran government has just announced it will require payment in cryptocurrency for all oil tankers passing through the Strait of Hormuz. This regulation comes amid a two-week ceasefire between Iran and the US, according to the Financial Times.
Control procedures and applicable fees
Hamid Hosseini, spokesman for the Union of Iranian Oil and Petrochemical Exporters, said Tehran would conduct a separate assessment of each vessel. The goal of the strict controls is to ensure that this strategic shipping lane is not exploited to transport weapons during the ceasefire.
According to the new regulations, oil tankers wishing to pass through the strait must send detailed information about their cargo via email to Iranian authorities. After the assessment is complete, Iran will announce the specific fee. The fee is set at $1 per barrel of oil. Notably, empty oil tankers will be allowed to pass through without paying the fee.
The role of cryptocurrencies in transactions
The choice of cryptocurrency as a payment method is a strategic decision by Iran's Supreme National Security Council. Hosseini emphasized that this form of payment makes transactions more secure, making them untraceable and immune to seizure under the international sanctions currently suffocating the country.
"All ships can pass through, but the inspection procedure will take time and Iran is not in a hurry," Hosseini affirmed. The payment schedule will be set as soon as Iran completes the process of reviewing the shipping companies' registration emails.
Reaction from the US
The issue of controlling the Strait of Hormuz is one of the biggest obstacles in efforts to transform the temporary ceasefire into lasting peace. While Iran wants to maintain its influence there, US allies in the Gulf have expressed strong opposition.
However, US President Donald Trump recently offered a surprising perspective, stating that he is considering forming a "joint venture" with Iran to establish toll stations in the strait. Trump called this a potential solution to ensure the security of this strategic global shipping lane and considered it a viable idea.
| Object | Estimated fee | Payment methods |
|---|---|---|
| The oil tanker is full. | 1 USD / barrel | Cryptocurrency |
| Empty oil tanker | Free of charge | Not applicable |
Currently, the safety of this waterway remains a top priority for international negotiators, as any disruption in the Strait of Hormuz could cause major upheavals in the global energy market.
