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Iran has formalized a controversial toll system for vessels transiting the Strait of Hormuz, charging rates of approximately $1 per barrel of oil—or up to $2 million for a Very Large Crude Carrier (VLCC). The fees are collected in cryptocurrency (such as Bitcoin) or Chinese yuan to bypass U.S. sanctions . Payment is reportedly made to a front company linked to the Islamic Revolutionary Guard Corps (IRGC), which then requires vessels to obtain and broadcast a specific code over VHF radio . Once verified, ships receive an Iranian naval escort through the northern corridor near Larak Island .
Key details of the toll system include:
| Detail | Information |
|---|---|
| Pricing Model | $1 per barrel; tankers pay per barrel, dry bulk pays flat fee. VLCC rate ~$2 million . |
| Payment Method | Cryptocurrency (Bitcoin/Tether) or Chinese yuan . |
| Enforcement Authority | Islamic Revolutionary Guard Corps (IRGC) Navy . |
| Eligibility | Vessels with no links to “hostile states” (U.S./Israel) . |
| Route | Designated corridor passing near Larak Island . |
| Legal Status | Rejected by US/IMO as illegal; US imposed counter-blockade April 13 . |
The timing is driven by Iran’s peak planting season. “Without urea, you don’t get rice, corn, or soybeans,” analysts warned.