Iran is now demanding that ships transiting through the Strait of Hormuz pay fees in cryptocurrency or Chinese yuan, per sources. The policy involves a ranking system for nations, with the toll for oil tankers starting around $1 per barrel. This creates complex legal and insurance questions for shippers, as the crypto option is seen as an encrypted payment method outside traditional coverage. Meanwhile, geopolitical tensions persist, with the U.S. and Israel conducting strikes.
Iran is now mandating that vessels transiting through the strategic Strait of Hormuz must pay fees in cryptocurrency or Chinese yuan. Specifically, ships from friendly countries are more likely to receive better terms under this new system.
The Iran’s National Security Committee has approved a bill imposing these transit fees. The semi-official Fars news agency reported on this development, citing a committee member.
For oil tankers, the starting negotiation price is typically around $1 per barrel of oil. This fee must be paid in yuan or stablecoins, which are cryptocurrencies pegged to hard currency values.
Ship owners now face difficult legal questions regarding the payment of these tolls. They must consider which rules, sanctions, and conventions apply from both the U.S. and Iran.
The crypto payment route is intended as an encrypted method for these transactions. It is likely not covered by any insurance policies available to shippers.
In related geopolitical developments, U.S. President Donald Trump said he wants to end the U.S.’s war with Iran within weeks. He made this statement regardless of whether the strait is reopened.
After his comments, Israel and the U.S. continued to strike Iranian targets. Iran retaliated by firing missiles and drones at targets across the region.
