Iran demands cryptocurrency toll from tankers passing through Strait of Hormuz

In a significant move, Iran has announced that it will require shipping companies to pay tolls in cryptocurrency for oil tankers navigating through the Strait of Hormuz. This decision comes as Iran aims to exert control over this crucial maritime route during a two-week ceasefire period. Hamid Hosseini, a representative from Iran’s Oil, Gas, and Petrochemical Products Exporters’ Union, shared details with the Financial Times, emphasizing the need for Iran to monitor all vessels entering and exiting the strait. "We need to ensure that these two weeks are not exploited for the transfer of weapons," Hosseini remarked, highlighting the importance of security in the region. He added that while all vessels can pass through, the process will involve an assessment for each ship, and Iran is not in a rush to expedite this. The protocols for passage through the strait are determined by Iran’s Supreme National Security Council. Hosseini's statements indicate that tankers will likely be directed to follow the northern route, which runs closer to Iran's coastline, raising concerns about whether vessels associated with Western or Gulf states will be willing to take that risk. In a related development, Iran announced that it would stop the passage of oil tankers through the Strait of Hormuz in response to Israeli military actions in Lebanon. Prior to this halt, Hosseini explained that any tanker intending to transit must notify authorities via email regarding its cargo. Following this, Iran will inform the tanker of the required toll in digital currencies, set at $1 per barrel of oil. He clarified that empty tankers would not be subject to these fees. "Once the email is received and assessed, vessels must complete their payment in bitcoin within seconds, ensuring anonymity and protection from potential sanctions," he concluded.