Saturday, April 25, 2026

Will the Strait of Hormuz's 300 billion won transit fee become reality? "First deposit made to the Central Bank of Iran"

Input
2026-04-24 08:01:48
Updated
2026-04-24 08:01:48
Ships anchored and stopped in the Strait of Hormuz / Photo=Yonhap News Agency (AP)
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[The Financial News] Reports from Iranian local media said that the so-called "Strait of Hormuz transit fee" has been deposited into the Central Bank of Iran for the first time.
According to multiple local outlets, including Press TV, on the 23rd (local time), Hamid Reza Haji Babaei, deputy speaker of the Islamic Consultative Assembly of Iran, reportedly made the remark. However, no specific details such as the amount or timing were mentioned.
In this regard, Tasnim News Agency explained that the transit fees paid by several ships were deposited into the central bank's account at the Ministry of Economy and Finance in accordance with the constitution. It also reported, citing a source, that the fee amount varied depending on the type and volume of cargo, as well as the level of risk posed by the vessel.
The source who relayed the information to Tasnim News Agency was quoted as saying, "Iran determines the method and scope of collecting the transit fee. The use of this money will be decided under specific approval."
The Islamic Republic of Iran Armed Forces have been blocking the Strait of Hormuz by force since Feb. 28, in response to attacks by the United States and Israel. Later reports said that some vessels not directly or indirectly linked to the "enemy states" were allowed to pass at the military's discretion, while transit fees were collected in the name of security services.
Earlier, on the 21st, the National Security and Foreign Affairs Committee of the Islamic Consultative Assembly of Iran approved a motion to submit to the plenary session the "Law on Establishing Iran's Sovereignty over the Strait of Hormuz," which explicitly defines Iran's control over the Strait of Hormuz and provides the legal basis for collecting transit fees. Under the bill, ships seeking to pass through the Strait of Hormuz must submit relevant documents to the Iranian authorities and obtain permission, and the transit fee must be paid in Iranian rials.
So far, no official transit fee amount has been announced. For tankers, only estimates have been cited, including $1 per barrel and $2 million for ultra-large crude carriers, or about 3 billion won.
bng@fnnews.com Kim Hee-sun Reporter