Iran is imposing cryptocurrency or Chinese yuan fees of up to $2 million per vessel for oil tankers passing through the Strait of Hormuz to bypass Western sanctions and boost revenue.

The Islamic Revolutionary Guard Corps (IRGC) enforces these payments, which can be around $1 per barrel, for safe passage.

Key Details on Iranian Crypto Ship Charges

Target & Cost: The charges target oil tankers and cargo ships, with fees averaging around $2 million per vessel.

Payment Method: Iran accepts payments in Bitcoin and other cryptocurrencies (including stablecoins) to circumvent the US dollar-based financial system.

IRGC Enforcement: The IRGC requires these payments to be made for passage through the strait, with some reports noting radio verification of payment.

Impact: The tolls have caused significant disruption, with hundreds of ships experiencing delays.

Strategic Goal: This move allows Iran to generate sovereign revenue while navigating international financial restrictions.

Reports suggest that a number of ships have already paid these fees to secure safe passage through the critical waterway.