Iran intends to fee $1 per barrel of oil for passage through Strait of Hormuz — newspaper

World April 08, 17:36

Payment will be taken in cryptocurrency

LONDON, April 8. /TASS/. The Iranian authorities plan to charge a $1 fee per barrel of oil for tankers passing through the Strait of Hormuz during the ceasefire, as well inspect any vessel they deem necessary, Financial Times reported.

"Iran needs to monitor what goes in and out of the strait to ensure these two weeks [of the ceasefire] aren’t used for transferring weapons," Hamid Hosseini, a spokesman for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, told the newspaper. According to him, any vessel may pass through, but inspections "will take time." "Iran is not in a rush," he emphasized.

Hosseini also noted that each oil tanker must email the Iranian authorities with information about its cargo. Tehran will then notify the tanker of the fee amount to be paid in cryptocurrency. He pointed out that the fee is $1 per barrel, and empty tankers will pass without payment.

"Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions," the spokesman explained.

He also warned that "if any vessel tries to transit without permission, [it] will be destroyed."

Companies usually use large tankers capable of carrying 1.5-2 million barrels of oil to transport oil through the Strait of Hormuz.

On April 7, US President Donald Trump announced a two-week mutual ceasefire with Iran. According to him, the parties have resolved nearly all contentious issues, and Washington views Tehran’s 10-point proposal as a working basis for further negotiations. These include adherence to the principle of non-aggression, Iranian control over the Strait of Hormuz, uranium enrichment within the country, the lifting of primary and secondary sanctions, the payment of compensation, and the withdrawal of US forces from the region. Trump stated that the decision was made based on Iran’s willingness to open the Strait of Hormuz. In turn, Tehran agreed to cease "defensive attacks" provided that no strikes are launched against Iran. Pakistani Prime Minister Shehbaz Sharif, who is mediating between the parties, invited them to negotiate on April 10. According to the Iranian state broadcaster, the talks are expected to be face-to-face.

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