Shafaq News- Tehran

Iran has begun the practical implementation of a mechanism to collect transit fees from ships passing through the Strait of Hormuz, Iranian lawmaker Mohammad Zanganeh stated on Sunday.

Zanganeh, a member of the Parliament’s Program and Budget Committee, told the Iranian Fars News Agency that the average fee collected from each vessel transiting the strategic waterway ranges between $1.5 million and $2 million.

“The measure is part of a broader Strait of Hormuz management plan that had been prepared in advance by Parliament as part of a new framework for administering the passage,” he said, adding that a joint body has been established in cooperation with the Ministry of Economy and under the supervision of Iran’s Supreme National Security Council to oversee implementation of the mechanism.

The revenues generated from the fees will be transferred to the state treasury in accordance with provisions set out in the national budget, he added, clarifying that not all payments would be made in cash. “Some vessels may settle part of the fees through cryptocurrencies, goods, or barter arrangements.”

Earlier, Iranian Foreign Minister Abbas Araghchi said Gulf countries would be consulted on issues related to the Strait of Hormuz because of its importance to them, while stressing that Iran and Oman would make the final decisions concerning the waterway.