Iran is preparing to impose cryptocurrency-based transit fees on fully loaded oil tankers navigating the Strait of Hormuz, according to a report by the Financial Times. The plan is set to take effect during a two-week ceasefire between Iran and the United States. The move signals a deliberate effort by Tehran to monetise one of the world’s most critical shipping corridors while sidestepping conventional financial systems.
Under the proposed arrangement, tanker operators would be required to email cargo details to Iranian authorities before passage. Officials would then calculate a toll of approximately one dollar per barrel of oil carried aboard the vessel. Crews would subsequently receive instructions on how to remit payment using digital assets, including bitcoin.
The scheme reflects Iran’s broader strategy of using cryptocurrency to circumvent dollar-denominated financial channels and avoid the impact of international sanctions. By demanding payment in digital assets rather than traditional currencies, Tehran can conduct transactions that are harder to trace or block through conventional banking mechanisms. Analysts note this approach has become increasingly common among sanctioned states seeking alternative revenue streams.
The practical implications for global shipping are significant. Vessels could be directed to travel closer to Iran’s coastline in order to facilitate fee collection, a shift that would increase exposure to potential risks for shipping companies with ties to Western nations or Gulf states. Firms operating in the region may face difficult decisions about compliance and route planning as a result.
The timing of the plan, coinciding with a temporary ceasefire rather than a permanent diplomatic resolution, adds further uncertainty for the maritime industry. Shipping operators and insurers will need to assess whether engaging with the toll system carries legal or regulatory consequences under existing sanctions frameworks. The situation remains fluid, and the full scope of enforcement has yet to be clarified by Iranian authorities.
Originally reported by CoinDesk.
