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Iran's Crypto Tanker Tolls Are the Latest Step in Its Sanctions‑busting Trade Network
The fee is about $1 per barrel, and a fully loaded supertanker could face charges nearing $2 million, the union spokesperson said.
- Iran is imposing transit fees on oil tankers passing through the Strait of Hormuz during a two-week ceasefire, with tolls set at $1 per barrel of oil; a fully loaded supertanker could face charges approaching $2 million.
- The Islamic Republic has faced comprehensive sanctions since 1979, largely excluding it from the global financial system and prompting the government to seek alternative payment methods like cryptocurrency that operate outside traditional banking controls.
- Crypto analytics firm TRM Labs reported on Wednesday that Iran's military has charged ships fees since mid-March, with the Islamic Revolutionary Guard Corps reportedly utilizing a network of wallets to facilitate this cross-border trade.
- Despite these reports, blockchain analytics firm Chainalysis noted, "we are not seeing on-chain evidence today that indicates that toll payments are being made at scale," suggesting actual adoption remains unclear.
- The prospect of tolls has inflamed President Donald Trump, while experts suggest the regime could further its sanctions-skirting goals by demanding payments in stablecoins to facilitate global trade without traditional banking reliance.
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The US has banned all dollar deals with Iran, but Bitcoin can be used to deal with the traditional financial system. Iran may be able to take millions of dollars during the ceasefire.
·Frankfurt, Germany
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How Iran is using bitcoin as gate pass for Hormuz
Iran is considering digital currency payments, potentially Bitcoin or stablecoins, for vessels transiting the Strait of Hormuz as a sanctions evasion tactic. While crypto market participants deem this unworkable through legitimate channels, the proposal underscores a broader, harder-to-curb sanctions-evasion network.
·India
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Coverage Details
Total News Sources14
Leaning Left1Leaning Right2Center3Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 17%
C 50%
R 33%
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