Iran has formalized a tollbooth system under the newly established Persian Gulf Strait Authority, introducing a significant control measure over the strategic maritime chokepoint. The mechanism requires ships to pay up to $2 million per transit in yuan or cryptocurrency, bypassing the SWIFT network.
The move is seen as a response to ongoing tensions in the region following US and Israeli military actions against Iran, and comes amid an unstable truce. Western operators face additional challenges due to the IRGC's international sanctions, complicating any potential payments.