Key Takeaways:
Iran’s IRGC began charging ships up to $2 million per tanker to transit the Strait of Hormuz as of April 2026. The Financial Times reports Iran is accepting stablecoins. Iran’s National Security Committee approved a bill formalizing yuan and stablecoin tolls, accelerating dollar bypass in energy trade. The ceasefire brokered by President Trump remains fragile, and Western-linked vessels are still largely excluded from approved passage. IRGC Tollbooth: Iran Collects Up to $2 Million Per Tanker in Stablecoins and YuanApproved operators then negotiate fees. Oil tankers pay roughly $1 per barrel of cargo, which puts the cost for a Very Large Crude Carrier carrying 2 million barrels at approximately $2 million per transit. Rates vary based on cargo type and the flag state’s relationship with Tehran.
Once payment clears, the IRGC issues a one-time secret permit code and route instructions directing ships along a path closer to the Iranian coast, often north of Larak Island. The vessel broadcasts the code on VHF radio, and an IRGC patrol boat escorts it through. Some operators have reflagged ships under Pakistani registration to qualify.
Iran’s National Security Committee approved a bill in early April 2026 to codify the fee structure into law. Officials framed the tolls as legitimate compensation for security services provided by Iran as the strait’s coastal state, drawing comparisons to the Suez Canal and Denmark’s historical Sound Dues.
Legal scholars have noted the arrangement may conflict with customary international law on innocent passage, principles that parallel the United Nations Convention on the Law of the Sea. Iran is not a party to UNCLOS. Tehran frames the controls as a wartime self-defense measure.
FT: Iran Is Requesting Crypto SpecificallyOne estimate cited in reporting put Iran’s potential annual revenue from the toll system between $70 billion and $80 billion. That figure assumes traffic eventually returns near pre-war levels, which has not occurred. Transits remain far below normal.
The IRGC attacked at least one non-compliant vessel, a Kuwaiti tanker, in what observers read as a signal to operators weighing the transit fee against the risk of refusal.
