Ships passing through the Strait of Hormuz under a newly introduced maritime services system pay an average of $1.5 million to $2 million, Mohsen Zanganeh, a member of Iran’s parliamentary Planning and Budget Commission, said, according to Fars news agency.

According to him, the mechanism is being implemented by a structure created in cooperation with the Ministry of Economy and operating under the supervision of Iran’s Supreme National Security Council.

According to the report, not all payments are made in cash: some settlements are carried out in the form of goods, services, cryptocurrencies (in particular Tether), as well as through barter arrangements.

The collected funds are transferred to the state treasury and spent in accordance with the country’s budget.

Earlier, the Iranian authorities stated that they were developing a regulatory framework providing for charging ships for maritime security and environmental support services when passing through the strait.

According to economic analysts, the potential annual revenue from transit fees could reach about $7.5 billion, but the key importance of the Strait of Hormuz is determined not by revenues, but by its strategic role.

According to the International Energy Agency, cited in the report, a complete closure of the strait could remove about 16 million barrels of oil per day from the global market.