Iranian Parliament Approves Strait of Hormuz Transit Fee Bill... "Amount Not Disclosed"

"Expected to Be Charged in Iranian Rials"

Reuters Yonhap News

The Iranian parliament has approved a bill to impose toll fees on vessels passing through the Strait of Hormuz. This move is expected to face opposition not only from the United States but also from neighboring Middle Eastern countries, and there are concerns that it could put upward pressure on international oil prices.

According to the semi-official Iranian media outlet Tasnim News on March 30 (local time), the Iranian parliament approved the bill, which was submitted earlier this month, to collect tolls from ships passing through the Strait of Hormuz. The bill also includes provisions banning the passage of vessels from the United States, Israel, and countries that have joined sanctions against Iran, as well as ships related to those countries. However, the specific amount of the toll has not yet been disclosed. Tasnim News reported that it is expected to be levied in Iranian rial.

Regarding the imposition of tolls, not only the United States but also neighboring countries near the Strait of Hormuz, such as the United Arab Emirates (UAE) and Oman, have expressed strong opposition, and controversy in the international community is expected. Previously, U.S. Secretary of State Marco Rubio strongly criticized Iran’s move to impose tolls, saying it is “not only illegal but also unacceptable and dangerous for the entire world.”

Despite criticism from the international community, Iran is reportedly already charging tolls to some vessels that have passed through the Strait of Hormuz. According to The New York Times (NYT), after the outbreak of hostilities on February 28, Iran allowed vessels from some friendly countries, including China and India, to pass through the Strait of Hormuz, and it is reported that Iran received tolls totaling 2 million dollars (approximately 3 billion won) in Chinese yuan from some of these vessels.

Given that about 120 ships pass through the Strait of Hormuz each day, if Iran were to impose a toll of 2 million dollars on every vessel passing through the strait in the future, it is expected that Iran could earn more than 100 billion dollars annually.

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