Iran is preparing a draft bill to officially impose fees on vessels transiting through the Strait of Hormuz, according to local media reports, citing Iranian lawmaker Mohammadreza Rezaei Kouchi.
"Parliament is pursuing a plan to formally codify Iran's sovereignty, control and oversight over the Strait of Hormuz, while also creating a source of revenue through the collection of fees," Kouchi said. "This is entirely natural, just as goods pay transit fees when passing through other corridors, the Strait of Hormuz is also a corridor."
"Economically, the proposed toll system could significantly increase shipping costs, insurance premiums, and transit fees, effectively acting as a tax on global trade and adding upward pressure on inflation through higher transportation costs," MUFG Research analysts said.
Iran is already informally charging vessels up to $2M to transit the strait, a key maritime chokepoint that carried around a quarter of global oil trade before the war.
Only a few vessels have been allowed to transit the Strait of Hormuz since the war broke out. Iranian Foreign Minister Seyed Abbas Araghchi said China, Russia, India, Iraq, and Pakistan are allowed safe passage through the waterway.
