Iran demands that shipping companies pay up to 2 million dollars per vessel in cryptocurrency for oil tankers passing through the Strait of Hormuz during a two-week ceasefire, according to the spokesman for the country's oil exporters union.
Hamid Hosseini, spokesman for Iran's oil, gas, and petrochemical exporters union, told the Financial Times that Tehran plans to charge a fee for each loaded tanker that crosses the waterway and to inspect each vessel's cargo for weapons.
1 dollar per barrel, payment in Bitcoin.
The payment is set at 1 dollar per barrel of oil, which could amount to as much as 2 million dollars for a fully loaded supertanker. Empty tankers can pass freely.
Each ship must send an email to Iranian authorities detailing the cargo information, after which it receives the payment amount in Bitcoin (BTC).
According to Hosseini, the cryptocurrency payment window lasts only seconds. This ensures that payment transactions cannot be traced or frozen due to international sanctions.
“When the email arrives and Iran conducts its assessment, the ships are given a few seconds to pay in Bitcoin, making the transaction untraceable or seizable due to sanctions,” FT reported, referring to Hosseini.
Iran's demand for Bitcoin payments in Hormuz Strait tanker traffic goes directly against the petrodollar system.
By forcing vessels to make payments in cryptocurrency instead of dollars, Tehran circumvents U.S. sanctions while also setting a precedent that could undermine the dollar's dominance in global oil trade.
The military threat supports the customs requirement.
Iran's actions signal a desire to maintain influence in a critical chokepoint, even while a ceasefire is being negotiated. Hosseini states that Tehran intends to require tankers to take a close northern route along Iran's coast.
This raises serious questions about whether vessels related to the West or Gulf countries dare to pass through the strait.
Tankers in the Gulf region received a radio message on Wednesday warning that vessels passing without Iran's permission would face military strikes.
“If any vessel attempts to pass without permission, [it] will be destroyed.”
Washington and Tehran are on a collision course.
The requirement puts Iran directly in conflict with Washington. President Donald Trump stated that the condition for the ceasefire is that Iran agrees to open the strait completely, immediately, and safely.
Meanwhile, Iran's National Security Council has proposed a new practice for safe passage, in cooperation with the armed forces.
The council listed 10 negotiation points, which include military control over all transportation.
The resolution of the situation determines not only the continuity of the ceasefire but also the future of global oil transportation in this strategically important waterway.