Iran has implemented a new type of control over shipping in the Mormuz Strait, the important maritime route in the Middle East, which has raised new concerns about international trade and energy transportation.
Recent reports show that a kind of informal ‘toll booth’ system has now been introduced in the strait.
According to the shipping portal Lloyds List, several ships that have crossed the straipple since mid-March, have been going through the Iranian Islamic Revolutionary Guard Corps (IRGC) scheduled route and strict scrutiny. This has increased control over shipping.
According to the report, although there is no evidence of direct money in all ships, there have been reports of certain fees in at least a few cases. Notably, this transaction has been completed in the Chinese currency yuan instead of the US dollar, which indicates a change in the monetary system in international trade.
Earlier, Iran had announced that the Strait of Hormuz would be open for shipping to other countries, except for “enemy countries”. However, analysts believe that the new control structure has virtually strengthened Tehran’s influence on the waterways.
A large part of the world’s energy supply is transported through this stream. This has a direct impact on the global market. Strict monitoring, potential toll systems and transactions in alternative currencies have added a new dimension to the uncertainty in the international trade system.