Iran taps crypto tolls to bypass sanctions

Iran is seeking to collect oil tanker transit fees in cryptocurrency through the Strait of Hormuz following a cease-fire, aiming to bypass sanctions and prevent asset seizures.

The proposed system would charge about $1 per barrel of oil, with officials indicating crypto payments would help ensure transactions remain untraceable and outside traditional financial controls.

“In any comprehensively sanctioned jurisdiction, crypto is useful,”

Said Chainalysis senior intelligence analyst Kaitlin Martin.

“It’s very easy to settle cross-border trades and settlements.”

Iran’s crypto market has expanded rapidly to an estimated $7.8 billion, driven by sanctions pressure, currency devaluation and demand for alternative financial rails.

Authorities and affiliated groups have reportedly used digital assets to fund trade, acquire goods and support operations, while ordinary citizens rely on crypto as a hedge against inflation and rial depreciation.

The country’s approach mirrors Venezuela’s use of stablecoins like tether to facilitate oil transactions and provide financial access amid economic instability, highlighting a broader trend among sanctioned economies.

Recent geopolitical tensions have also triggered large crypto outflows from Iranian exchanges as users moved funds offshore, underscoring both the system’s resilience and the challenges of implementing large-scale crypto payments in global shipping.