Iran is implementing a new policy requiring certain vessels to pay transit fees in cryptocurrency or Chinese yuan for safe passage through the strategically vital Strait of Hormuz. According to reports, the fee is set at $1 per barrel of oil transported.
The policy grants priority to ships from nations Iran considers "friendly." Vessels from other countries, particularly those linked to the United States or Israel, must negotiate tolls through an intermediary agency connected to the Islamic Revolutionary Guard Corps (IRGC or SEPAH). The process requires ship operators to submit extensive documentation, including ownership details, cargo manifests, and crew lists, for security vetting.
Upon approval and payment, operators receive confidential permit codes, specific route guidance, and naval escorts through the strait. This move is seen as part of Iran's broader strategy to reduce dependence on the US dollar and strengthen economic ties with China. Since late February, shipping traffic through the chokepoint has reportedly plummeted by approximately 90%, contributing to global oil prices surpassing $100 per barrel amid ongoing regional tensions.
