Iran Begins Collecting Hormuz 'Transit Fee' in Cash, Not Cryptocurrency

Transit Fee for Very Large Crude Carriers Estimated at $2 Million

The Iranian military reportedly received the transit fee it imposed for passage through the Strait of Hormuz in cash.

"Hormuz Transit Fee Received in Cash"

According to Iranian local media such as Press TV on April 23 (local time), this transit fee was deposited for the first time on that day into a single account managed by the Economic and Financial Affairs Department of the Central Bank of Iran. The Central Bank of Iran stated, "It was deposited in cash," and clarified, "Some media outlets speculated that the money would be received in cryptocurrency, but this is not true." However, the specific currency used was not disclosed.

Previously, Western media outlets such as The Wall Street Journal (WSJ) reported earlier this month that Iranian authorities had received the Strait of Hormuz transit fee in Chinese yuan or cryptocurrencies such as Bitcoin.

However, Iran is revising the system to collect the transit fee in its own national currency. On April 21, the National Security and Foreign Policy Committee of the Iranian Parliament (Majlis) passed a resolution to submit to the full assembly the "Law on the Establishment of Iran's Sovereignty over the Strait of Hormuz," which stipulates Iran's control over the strait and provides the legal basis for collecting the transit fee. According to this bill, ships wishing to pass through the Strait of Hormuz must submit the relevant documents to Iranian authorities for approval, and the transit fee must be paid in Iranian rial.

Although the exact amount of the transit fee was not disclosed, local media reported that the fees were differentiated based on factors such as the type and volume of cargo and the risks associated with the vessel's operation. While the official standards for transit fees per vessel have not been announced, it is estimated that for oil tankers, the fee is about $1 per barrel, and for very large crude carriers, the fee could be as much as $2 million (approximately 3 billion won).

Iran: "Friendly Nations Exempt from Hormuz Transit Fee"

However, despite demanding substantial transit fees, Iran is reportedly granting exemptions to some friendly countries, such as Russia. Kazem Jalali, Iran's ambassador to Russia, said in an interview with Russia's state-run RIA Novosti news agency, "Currently, we are applying exemptions for some countries." He added, "Although the future is uncertain, the Iranian government will strive to implement exemption measures for friendly nations."

Meanwhile, on February 28, immediately after an attack by the US and Israel, Iran closed the Strait of Hormuz, through which about 20% of the world's maritime oil shipments pass. Since then, Iran has selectively permitted the passage of some vessels and has been charging transit fees under the pretext of providing security services.

This content was produced with the assistance of AI translation services.