- Iran demands cryptocurrency or yuan tolls for Strait of Hormuz passage during US ceasefire
- Only select vessels allowed transit; approvals require advance cargo and payment details
- International law forbids tolls in natural waterways, Gulf nations oppose Iran's plan
Iran's Islamic Revolutionary Guard Corps are asking vessels, seeking to pass through the Strait of Hormuz, to pre-arrange tolls in cryptocurrency or Chinese yuan during the two-week ceasefire with the US. Some crews even reported broadcasts warning that ships without approval risk being targeted, according to a report by The Wall Street Journal.
Only a handful of vessels have been allowed through on certain days this week, according to shipping data cited by market participants, the report added.
What Iran Is Asking For
- Advance notice of cargo and vessel details by email
- Transit approval routed through Iranian authorities
- Payments set in advance, in Bitcoin or Chinese yuan
- Use of a northerly corridor close to Iran's coast, between Qeshm and Larak islands
- Tiered treatment: friendly cargo passes easier; others face delays or denial
One Iranian industry representative told The Financial Times that the tariff could be $1 per barrel for laden tankers, while empty ships may pass freely. Supertankers could face bills running into millions of dollars depending on size and cargo, the report added.
Why Crypto & Yuan?
Iran is under heavy US and European sanctions. Dollar payments are difficult. Crypto is harder to trace. Yuan settlements reduce exposure to Western banking rails.
Regional officials said yuan collections have already begun in some cases, worrying Gulf producers who fear a shift in oil trade influence away from Western systems.
Traffic Far Below Normal
| Metric | Before conflict (approx) | Current estimates |
| Ships transiting per day | 135 | 10-15 (case by case) |
| Seaborne crude via strait | 38% share | Severely restricted |
| Seaborne LNG via strait | 19% share | Disrupted |
| Tankers waiting in Gulf | -- | 300-400 vessels |
Shipping executives described the Gulf as a "car park". Many owners are waiting for clarity before risking passage.
Legal And Geopolitical Friction
International maritime law allows tolls in man-made canals like Suez or Panama. However, it does not permit charging for passage through natural waterways such as Hormuz.
Gulf states have objected that the plan violates freedom of navigation principles under the UN Convention on the Law of the Sea.
Oman, which sits across the channel from Iran, has not agreed to any fee-sharing proposal, according to mediators cited by the WSJ.
A New Lever For Tehran
Analysts say Iran has converted wartime control into peacetime leverage. Control of Hormuz now offers Tehran constant, visible pressure on global markets without firing a shot.
Iran's foreign minister has said traffic during the truce will be overseen by Iran's armed forces. The remarks were reposted by US officials on social media, underscoring how central the waterway has become to ceasefire talks.
Market Impact Beyond Oil
- Fertilisers and petrochemicals move through this lane
- Helium shipments used in semiconductor production pass here
- Food prices and freight insurance costs are already reacting
Traders say even if the ceasefire holds, the approval system is so slow that normal flows cannot resume quickly.
Why This Complicates Peace Talks
The US has publicly called for a fully open strait. Gulf producers want unimpeded exports. Iran wants monitoring power and revenue.
This clash now sits at the centre of negotiations for any longer truce. As one maritime risk adviser told the FT, there is no practical way to clear the vessel backlog in two weeks under the current approval regime.
