Iran has begun charging vessels transiting the Strait of Hormuz, exempting Russian ships and giving China preferential terms. The tolls also accept Bitcoin and USDT, routed through intermediaries linked to the Islamic Revolutionary Guard Corps.
Iran has started charging tolls on vessels crossing the Strait of Hormuz, and it is exempting Russian ships entirely while offering China preferential terms. The toll system also accepts Bitcoin and stablecoins such as USDT, funneled through intermediaries linked to the Islamic Revolutionary Guard Corps.
The rollout began in mid-March 2026 on commercial vessels crossing the strait, through which roughly 20% of all global oil shipments pass. The toll structure reportedly ranges from approximately $1 per barrel to as much as $2 million per vessel.
Iranian Ambassador to Russia Kazem Jalali announced on April 24, 2026 that Russia would receive full exemptions from the new tolls. Iran's Ambassador to China then reaffirmed on July 5, 2026 that friendly nations would receive special considerations. China routes an estimated 45-50% of its crude oil imports through the strait.
Payments for the tolls can reportedly be made in Chinese yuan, Bitcoin, or stablecoins like USDT. That flow is facilitated through intermediaries connected to the IRGC. The crypto payment channel reportedly opened in mid-March 2026, alongside the broader toll rollout.
The toll adds a cost layer for non-allied vessels, and even at $1 per barrel, the cumulative impact on tanker economics across millions of barrels daily is meaningful for energy markets. Bitcoin flowing into IRGC-linked wallets will likely trigger enhanced blockchain surveillance from Western intelligence agencies, potentially leading to new rounds of address blacklisting on major exchanges.
That risk complicates the picture for institutional crypto investors, since the same assets used in regulated ETFs are simultaneously facilitating sanctioned trade.
Source: Crypto Briefing
Trading involves risk.
Risk Disclaimer
