Iran is demanding that shipping companies pay up to $2 million per oil tanker passing through the Strait of Hormuz during the two-week ceasefire, and that this fee must be paid in cryptocurrency, according to a spokesperson for the country's oil exporters' association.
Hamid Hosseini, spokesman for the Iranian Oil and Petrochemical Products Export Association, Chia the Financial Times that Tehran plans to charge a fee on each oil tanker passing through the strait and inspect the cargo to ensure it is free of weapons.
1 USD per barrel of oil, payable in Bitcoin.
The fee will be charged at $1 per barrel of oil, with fully loaded ships potentially paying up to $2 million. Empty ships are exempt from the fee.
Each ship needs to email the Iranian side providing details about the goods, after which they will receive notification of the fee amount to be paid , which can be paid in Bitcoin (BTC) .
Mr. Hosseini stated that the window for cryptocurrency payments lasts only a few seconds. This is to ensure that transactions will not be traceable or seized due to international sanctions.
"Once the email arrives and Iran verifies it, the ship has only seconds to pay with Bitcoin, ensuring the transfer is untraceable and not subject to seizure due to sanctions," the FT reported , quoting Hosseini .
Iran's demand for Bitcoin payment of fees for oil tankers passing through the Strait of Hormuz is a direct challenge to the global petrodollar system.
By forcing ships to pay in cryptocurrency instead of USD, Iran aims to circumvent US sanctions and set a precedent that could diminish the dominance of the USD in global oil trade.
Military backing necessitates charging fees.
This move shows Iran's determination to maintain influence at this crucial shipping choke point even as ceasefire negotiations are underway . According to Hosseini, Tehran is requiring oil tankers to take a northern route close to the Iranian coast.
This raises the big question of whether ships from the West or the Gulf alliance dare to take the risks of transiting this area.
Oil tankers in the Gulf received radio signals on Wednesday warning that attempting to pass through without Iranian permission could result in military attack.
"If any ship attempts to pass without permission, [they] will be destroyed."
Washington and Tehran are in a direct confrontation.
This demand puts Iran in open confrontation with Washington. President Donald Trump insists that a ceasefire will only occur if Iran agrees to reopen the strait completely, immediately, and safely.
Meanwhile, Iran's Supreme National Security Council has proposed a new protocol for safe maritime passage in coordination with the country's armed forces.
The council has listed 10 areas for negotiation, including military oversight of all cross-border activities.
The outcome of this tension will determine not only the fate of the ceasefire, but will also significantly impact oil shipments along one of the world's most strategically important sea routes.
