Ships attempting to navigate the Strait of Hormuz are now subject to a new toll system established by Iran, which mandates payments in Chinese yuan or cryptocurrencies. This development follows recent approval from Iranian lawmakers and significantly impacts maritime traffic through one of the world's most crucial oil transit routes.
Under the new regulations, tankers and cargo ships must not only pay tolls that can reach $2 million but also provide a series of credentials to the Islamic Revolutionary Guard Corps (IRGC). These credentials include ownership details, the flag flown, cargo, destination, crew information, and Automated Identification System data, which records a ship's transit history. This thorough vetting process ensures that vessels with alleged ties to the U.S. or Israel are turned away.
Once cleared, vessels are expected to fly the flag of a "friendly" nation and transmit a secret code to alert the Iranian navy, which will then provide escort services through the strait. This system effectively establishes Iran’s control over maritime activities in this area while utilizing a grading system for nations based on their perceived friendliness, with fees starting as low as $1 per barrel of oil for favored countries.
The Iranian government has defended its actions as compliant with international law, asserting that it is exercising its rights as the coastal state of the strait. However, maritime experts believe this system could breach international maritime regulations.
Since the onset of increased military tensions, traffic through the strait has dwindled dramatically, reinforcing Iran's leverage over shipping routes. Reports indicate around 2,000 ships remain stranded at sea due to the toll requirements, exacerbating an already strained global oil supply chain.
The maritime community is now closely monitoring these developments, as nations convene to discuss strategies for re-establishing open navigation through the Strait of Hormuz, which previously handled nearly 20% of the world's oil supply.