Iran's Toll Fees on the Strait of Hormuz Challenge the Petrodollar System
As the United States intensifies its strikes against Iran's civilian infrastructure, Iran is accelerating its plan to impose toll fees on the Strait of Hormuz priced in Chinese yuan and stablecoins.
Dr. Alem Salih, an Iranian political analyst, told Sputnik News Agency: "This move significantly undermines the effectiveness of the 'maximum pressure' policy by bypassing dollar-based payment systems."
Turkish security expert Hasan Selim Öztürk also believes that Iran is "effectively challenging U.S. economic dominance, the status of the dollar as a global reserve currency, and the petrodollar system."
Stablecoins operate on decentralized blockchain networks, making them harder to trace and block;
Yuan payments are processed through China’s Cross-Border Interbank Payment System (CIPS), a viable alternative to SWIFT;
This trend encourages BRICS nations to conduct trade outside the U.S. dollar framework.
On February 28, the United States and Israel launched multiple attacks on targets within Iran, including strikes on Tehran, causing damage and civilian casualties. In response, Iran carried out retaliatory missile strikes on Israeli territory and U.S. military targets in the Middle East. As a result, shipping traffic through the Strait of Hormuz has sharply declined. The Strait is a critical passage for Gulf states to export oil and liquefied natural gas to global markets, accounting for approximately 20% of global oil, petroleum products, and liquefied natural gas supplies.
Source: sputniknews
Original article: toutiao.com/article/1861830815532227/
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