5 days ago
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Key Takeaways
- Iran has formalized a crypto-denominated transit fee for the Strait of Hormuz, charging up to $2 million per vessel, according to both firms.
- Blockchain analytics make crypto sanctions evasion easier to trace than traditional banking, contradicting Iran’s pitch of untraceable payments.
- Shipping companies that pay the toll face material support designations under U.S. law, regardless of which currency or blockchain is used.
Ship operators are already negotiating fees through an IRGC-linked intermediary, submitting vessel ownership details, cargo, destination, and crew information before receiving a permit code for safe passage. Hamid Hosseini, spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, stated publicly that tankers would be “given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions” – a claim that blockchain analysts have since picked apart in detail.
English (US)