Iran to demand crypto payment for tankers passing through the Strait of Hormuz - FT
Kyiv • UNN
Tehran has set a fee of $1 per barrel of oil for vessels. Payment in cryptocurrency is intended to protect transactions from tracking and sanctions.
Iran will demand shipping companies pay fees in cryptocurrency for oil tankers passing through the Strait of Hormuz, seeking to maintain control over passage through this key waterway during a two-week ceasefire, the Financial Times reports, writes UNN.
Details
Hamid Hosseini, a representative of Iran's Union of Oil, Gas and Petrochemical Exporters, told the Financial Times on Wednesday that Iran wants to charge a fee for passage from each tanker and assess each vessel.
"Iran needs to control everything that enters and exits the strait to ensure that these two weeks are not used to transfer weapons," said Hosseini, whose industry association works closely with the state.
"Everything can pass, but the procedure for each vessel will take time, and Iran is in no hurry," he added.
The decision on the terms of passage through the strait is made by Iran's Supreme National Security Council. Hosseini's statements suggest that Iran will require all tankers to use the northern route near its coast, which raises questions about whether vessels associated with Western or Middle Eastern states are willing to risk transit.
Hosseini said that each tanker must send an email to the authorities about its cargo, after which Iran will inform them about the duty that will need to be paid in digital currency.
He said the tariff is $1 per barrel of oil, adding that empty tankers can pass unhindered.
"Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in Bitcoin, which ensures they cannot be tracked or confiscated due to sanctions," Hosseini added.
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On Wednesday, tankers in the Persian Gulf received a radio message warning that they would be targeted by military strikes if they did not first obtain permission from Iranian authorities, the publication writes.
"If any vessels attempt to transit without permission, [they] will be destroyed," the message, which was in English according to a recording provided to the Financial Times, said.
The fate of transit through the strait is one of the most difficult issues facing negotiators seeking to turn a temporary ceasefire into long-term peace. Iran's desire to maintain leverage over the key waterway faces fierce resistance from US allies in the Persian Gulf.
US President Donald Trump said on Tuesday evening that the ceasefire depends on "the Islamic Republic of Iran's agreement to the full, immediate and safe opening of the Strait of Hormuz," according to a social media post.
A statement from Iran's Supreme National Security Council listed 10 points that form the basis for negotiations with the US, including a new "safe passage protocol" through the strait in coordination with the Iranian armed forces.
On Wednesday, Western shipowners said they were taking a cautious approach, awaiting details on how and whether the strait could be reopened, and at this time no vessel other than two linked to Iran had transited the strait.
Maersk, the world's second-largest shipping company, said it was "urgently working" to clarify the terms of the agreement.
"The ceasefire may create opportunities for transit, but for now it does not provide complete stability at sea," the company said, adding that it would continue to take a "cautious approach" to cargo and was not yet making changes to specific services.
Allowing Iran to continue to control this vital waterway is likely to be highly unacceptable to the Gulf states, including Saudi Arabia, Qatar and the UAE.
It also raises questions for OPEC+, a group of oil-producing countries, as analysts warn that handing Iran control of the Strait of Hormuz could fundamentally change the balance of power within the organization, giving Tehran a potential veto over the exports of rival members.
Ali Shihabi, a commentator close to the Saudi royal court, said the kingdom would demand "unhindered" access to global markets.
"Giving Iran any control over the strait would be a red line," Shihabi said. "The priority must be unhindered access through the strait."
On Wednesday, according to sources familiar with the situation, Saudi Arabia's key east-west pipeline, which the kingdom uses to divert oil exports to the Red Sea, was attacked by a drone, despite the ceasefire.
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According to Kpler, about 175 million barrels of oil and petroleum products are loaded on 187 tankers in the Persian Gulf - tanker movement may begin depending on the situation in the strait.
Industry executives estimate that 300 to 400 vessels are waiting to exit the Persian Gulf once safe passage becomes possible, with one describing it as a "parking lot."
Several traders said they believed the situation in the coming days would resemble the system established over the past two weeks, with several Iran-approved vessels allowed to pass a certain route.
Martin Kelly, head of the consulting service at the maritime intelligence group EOS Risk, said there was "no way" to resolve the issue with ships waiting to leave in two weeks.
He said about 10-15 ships could pass through the strait daily, as the process is "quite labor-intensive," compared to 135 ships before the war.