[Breaking: Iran Bans Use of US Dollars and Renminbi for Strait Passage Fees] According to a statement from the Iranian Revolutionary Guard Corps website, Iran has banned the use of US dollars and Chinese renminbi for paying transit fees in the Strait of Hormuz.
Under a new parliamentary bill, all vessel fees must now be paid exclusively in Iran's local currency, the rial—a significant policy shift.
Reports about this ban first surfaced in May, but the parliament had remained inactive until recently, resuming sessions only after the funeral of the late leader.
This latest prohibition is likely the result of formal legislation passed by the parliament, now legally binding. The move aims to support the struggling Iranian rial by linking it directly to strait passage fees, thereby maintaining its value and preventing collapse.
This strategy mirrors Russia’s approach following the Russia-Ukraine conflict, when Moscow mandated that overseas buyers pay for Russian oil in rubles.
Original source: toutiao.com/article/1870789678224524/
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