Iran is moving forward with plans to impose transit fees on vessels passing through the Strait of Hormuz, establishing dedicated financial accounts for the system.

According to officials, the Central Bank of Iran has opened four special accounts in rial, yuan, dollar, and euro to handle the payments.

The proposed legislation requires ships to obtain approval from the Islamic Revolutionary Guard Corps navy before transiting the strait and to pay associated fees.

Iran argues that the measure could provide a stable source of national revenue and strengthen the use of its currency in international transactions.

The plan also includes requirements for ships to use Iranian insurance services and pay additional service-related charges, modeled in part after the Panama Canal system.

However, the international community has raised concerns. The United Nations has urged Iran to keep the strait open without restrictions or fees, warning of potential disruptions to global trade and energy supply.

Given the strategic importance of the Strait of Hormuz, the move could have significant implications for global markets.

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