Iran has introduced strict new rules for ships passing through the Strait of Hormuz, one of the world’s most important oil transit routes.
Reports suggest that vessels must now provide full details and pay transit fees using alternative currencies such as the Cryptocurrency or the Chinese Chinese yuan, as the US dollar is no longer accepted.
The system is said to be managed by the Islamic Revolutionary Guard Corps (IRGC). Ships must submit cargo and ownership details before entering the route. Once approved, they receive a clearance code and may be guided through the waters.
Iran is also reportedly restricting access for vessels linked to certain countries, especially those connected to the United States and Israel. Only ships from “friendly” nations are being allowed to pass more easily under this system.
Transit charges are said to start at around $1 per barrel of oil, but the final cost depends on the size and type of cargo. In some cases, total fees can reach millions of dollars.
This move is part of Iran’s broader plan to reduce reliance on the US dollar and bypass international sanctions.
It also aims to increase state revenue and strengthen trade links with countries that accept alternative payment systems.
