Vessels seeking passage through the Strait of Hormuz are reportedly being asked to pay tolls in yuan or stablecoins before being escorted through the waterway, according to Bloomberg.

Access is also said to depend on whether Iran considers the vessel’s country to be friendly.

According to the report, ship operators must provide details including ownership, flag, cargo, destination, crew information and AIS tracking data to an intermediary linked to Iran’s Islamic Revolutionary Guard Corps.

If a vessel clears those checks, toll negotiations begin, with oil tankers facing a reported starting rate of around US$1 per barrel. Bloomberg said the fees can be paid in yuan or stablecoins.

A stablecoin is a type of cryptocurrency designed to maintain a stable value, typically pegged 1:1 to a fiat currency such as the US dollar.

Some vessels may also be required to sail under the flag of the country that secured the passage arrangement, and in some cases change their registration.

Once cleared, ships receive a permit code and route instructions before being escorted through the strait by patrol boat.

The report also noted that negotiating such access could raise sanctions and anti-money laundering concerns because of the parties involved. 

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