Iran Operating Yuan-Denominated Toll System at Strait of Hormuz, Charging $2M Per Vessel

Iran has established a de facto toll regime at the Strait of Hormuz, routing commercial vessels through a corridor between Qeshm and Larak islands controlled by the IRGC. At least two vessels have paid up to $2M each—settled in Chinese yuan and brokered by a Chinese maritime services company—though Bloomberg reports the fee regime remains ad hoc rather than systematic. Since March 13, 26 vessels have transited via the IRGC-approved route, which requires operators to submit manifests, crew details, IMO numbers, and destinations through IRGC intermediaries for vetting and clearance codes. Of 142 total strait transits since March 1, 67-90% have direct Iranian affiliation; pre-war traffic was approximately 110 ships per day versus fewer than 10 now. At least eight 'dark ships' exceeding 290 meters operated with AIS disabled, and Lloyd's List identified two 'zombie tankers' spoofing the identities of scrapped vessels. Some vessels transit free as diplomatic gestures—Indian tankers carrying cooking gas received passage without payment, though India's Ministry of Shipping explicitly denied paying any fees and called tolls illegal under UNCLOS; Iran's embassy in India dismissed the $2M figure as lawmakers' 'personal views.' Iran's parliament is moving to formalize the fee structure via draft legislation; IRGC spokesperson Ebrahim Zolfaghari declared the strait 'will not return to its previous state.' Trump characterized Iran allowing 10 oil tankers through as a 'present' signaling good faith in talks, though Iran's FM Araghchi stated 'no negotiations have happened with the enemy.' Iran rejected a US 15-point peace plan delivered via Pakistan and countered with five demands including reparations and sovereignty recognition over the strait. The yuan denomination is strategically significant: payments to the IRGC risk violating US, UK, and EU sanctions since the US designates the IRGC a foreign terrorist organization, with Newsweek reporting elevated CIPS transaction volumes consistent with yuan-denominated toll payments, effectively building a parallel financial system bypassing dollar hegemony.