- Iran now controls access through a restricted corridor near Larak Island.
- Iran imposes oil transit tolls, with payments in yuan and cryptocurrencies.
- Iran ranks countries for access, with friendly nations getting easier transit.
Iran has moved to control shipping through the Strait of Hormuz, a route that handles nearly one-fifth of global oil and LNG flows. Since the war began on Feb 28, traffic through the strait has dropped by around 90%.
In place of open transit, Iran has created a controlled corridor near Larak Island. Ships now move through Iranian waters under the direct supervision of the Islamic Revolutionary Guard Corps (IRGC). Only approved vessels are allowed through, while others are turned back or left waiting.
Fees Set at Barrel Level, Paid in Yuan or Crypto
Iran is now charging tolls for passage. For oil tankers, negotiations typically start at around $1 per barrel. A very large crude carrier can hold up to 2 million barrels, putting a single transit cost near $2 million.
Payments are being settled in Chinese yuan or cryptocurrencies. At least two confirmed transits have already paid fees in yuan.
The process starts with ship operators submitting full details, including ownership, cargo, crew, and tracking data. The IRGC then screens vessels for links to the US, Israel, or other hostile states.
If approved, a permit code is issued, and the vessel is escorted through the strait by Iranian patrol boats.
Selective Access Based on Political Alignment
Iran is applying a ranking system for countries. Friendly nations receive easier access and better pricing, while others face delays or denial.
Recent transits show ships linked to China, Iran, and Greece moving through the corridor. Some vessels linked to India and Pakistan have also passed.
In some cases, ships are required to change their flag or registration to qualify for passage. One proposal involved tankers temporarily sailing under a Pakistani flag to secure safe transit.
Ships that fail screening are turned away. Multiple vessels have been observed queuing near Larak Island waiting for approval.
Legal Risks and Rising Costs for Ship Operators
The toll system has no clear legal basis under international maritime law. Experts say Iran cannot impose blanket transit fees on a natural waterway like Hormuz.
Despite that, ship operators face a direct trade-off. Pay the fee and risk exposure to sanctions, or refuse and face physical threats.
Insurance costs have surged as attacks on vessels increase. On March 31, a Kuwaiti tanker was hit by a drone near Dubai, causing visible damage.
Dealing with the IRGC also raises compliance risks, as the group is under sanctions from the US, EU, and UK.
Related: Trump Signals Iran Ceasefire as Crypto Jumps, Oil Slips
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Source: https://coinedition.com/iran-imposes-crypto-and-yuan-tolls-on-strait-of-hormuz-shipping/
