Mumbai: Iran is considering a new transit fee on commercial vessels passing through the Strait of Hormuz, one of the world’s most strategically important maritime routes.
Iran’s parliamentary National Security and Foreign Policy Committee has approved a proposal to establish a payment framework for international ships using the waterway.
Up To $2 Million Per Ship
Under the proposed framework, commercial vessels could be charged between $1.5 million and $2 million for each transit through the Strait of Hormuz.
Tehran describes the proposed levy as a service fee rather than a toll. It says ships would receive navigation, security, insurance, environmental protection and emergency fuel support.
The proposal, however, could face international opposition over freedom of navigation and provisions under the United Nations Convention on the Law of the Sea (UNCLOS).
Oman Eyes Revenue Share
Oman could receive part of the revenue because of its geographical position along the Strait of Hormuz.
According to international media reports, Iran and Oman have held discussions over the shared use of waters and distribution of revenue.
An interim understanding has reportedly been reached, although Oman’s final share has not been officially disclosed.
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3% Or 7% Fee?
During negotiations, Iran reportedly proposed charging between 5 per cent and 7 per cent of the total value of cargo carried by each vessel.
Oman reportedly favoured limiting the charge to around 3 per cent to avoid placing an excessive financial burden on shipping companies and disrupting international trade.
Iran Looks Beyond Dollar
Payments could reportedly be accepted in Iranian rial or other currencies approved by Tehran, reducing reliance on the US dollar.
Digital assets such as Bitcoin could also reportedly be used for certain maritime insurance payments.
Iran says revenue from the mechanism would support navigation facilities, coastal security, environmental protection and emergency fuel supplies.
US Tightens Sanctions
Meanwhile, the United States has reportedly tightened restrictions targeting five Iranian economic areas — digital assets, advanced technology, gold and precious metals, aviation and shipping.
Foreign companies engaging in prohibited transactions with Iran could also face US sanctions.
