Iran is pursuing a plan to collect tolls of approximately $1 per barrel in Chinese yuan or stablecoins from oil tankers passing through the Strait of Hormuz, sources said.
Bloomberg reported Monday, citing multiple sources, that Iran's parliamentary National Security Committee approved a new management plan on May 30 that would impose transit fees on vessels passing through the strait. Iran's state-run Press TV had earlier reported the approval of the plan.
Under the plan, shipping companies seeking to navigate the strait must undergo prior screening through a brokerage firm linked to Iran's Islamic Revolutionary Guard Corps (IRGC). Vessels are required to submit ownership structures, cargo manifests, destinations, crew lists and Automatic Identification System (AIS) data, which are then forwarded to the IRGC Navy's Hormozgan Command.
The command then determines whether the vessel has ties to countries Iran considers hostile, including the United States and Israel. Only vessels that pass the screening proceed to toll negotiations. Iran assigns countries ratings from Grade 1 to Grade 5, offering more favorable terms to friendlier nations.
For oil tankers, negotiations typically start at around $1 per barrel, with payments made in yuan or stablecoins. Given that a Very Large Crude Carrier (VLCC) holds an average of approximately 2 million barrels, a single vessel would face a toll of roughly $2 million (approximately 3 billion won).
The Strait of Hormuz is a critical chokepoint through which about 20% of the world's seaborne crude oil and liquefied natural gas (LNG) passes, with an average of roughly 20 million barrels of crude and petroleum products transiting daily. If Iran fully implements the toll system, it could directly affect global energy prices and logistics costs.
Vessels that pay the toll receive a permit code and routing instructions from the IRGC. Upon approaching the strait, they must transmit the transit code via VHF radio. Patrol boats then guide vessels along a designated route known in the industry as the "Iran tollgate."
Bloomberg reported, citing shipping industry officials and government figures involved in negotiations, that the IRGC is already collecting tolls from some vessels. Friendly nations receive preferential treatment, while vessels linked to hostile states face threats of attack.