Iran Demands Crypto or Yuan for Safe Passage Through Hormuz

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Iran is tightening control over the Strait of Hormuz, asking some ships to pay transit fees in cryptocurrency or Chinese yuan for safe passage. Vessels from “friendly” nations are given priority, while others must negotiate tolls through an intermediary linked to the Islamic Revolutionary Guard Corps. Fees reportedly start at $1 per barrel of oil. In return, they receive permit codes, route guidance, and naval escorts. Shipping traffic has reportedly dropped about 90 percent since late February.