Iran is working on a new plan to secure passage through the Strait of Hormuz, a strategically important waterway for global oil trade.
The plan involves charging oil tankers passing through the strait a transit fee of $1 per barrel, payable in Chinese yuan or cryptocurrency. This move is seen as part of Iran's strategy to reduce its dependence on the US dollar and strengthen its economic ties with China.
Ship operators wishing to pass through the strait must contact an intermediary agency linked to the Iranian Islamic Revolutionary Guard Corps (SEPAH), providing detailed information about their vessels, cargo, and crew. The agency then contacts an Iranian command center to verify that the ship has no ties to Israel, the US, or other states considered enemies by Iran.
Once verified, payment is made in yuan or cryptocurrency, after which SEPAH provides the ship with confidential code and route planning instructions. The new plan aims to enhance security and reduce tensions in the region.