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In the context of ongoing tensions in the Middle East and reciprocal sanctions between the US and Iran, Tehran has imposed new restrictions on ship movements through the strategically important Strait of Hormuz.
According to the new rules, vessels must obtain prior permission and pay a prescribed toll or fee to use this waterway. Approximately one-fifth of the world’s energy supply is transported through this strait. Consequently, this decision is expected to have a significant impact on international trade and the energy market.
Shipping magazine Lloyd’s List reported that the Persian Gulf Strait Authority (PGSA) has launched a new regulatory framework. Under this framework, ships will be required to complete a ‘Vessel Information Declaration’ form to obtain transit authorization.
This form requests more than 40 pieces of information, including vessel ownership, insurance, crew identification, intended route, current and previous names, identification numbers, origin, destination, and detailed descriptions of the cargo being carried.
Iran’s state media announced that this measure aims to strengthen sovereign control over the Strait of Hormuz. Concurrently, the country’s military warned that those who comply with US sanctions against Iran may face serious problems in using this vital waterway.
Countries like India and Pakistan are already attempting to secure safe passage for their flagged vessels through negotiations with Tehran. However, Iran has indicated that vessels associated with the US and Israel will not be permitted to use this route.
Meanwhile, Washington is vehemently opposing Iran’s move. The Trump administration has warned ships against paying this toll. The US, in collaboration with Bahrain, has also initiated a proposal for a UN resolution, although Russia has indicated it would veto such a proposal.
The stalemate created in this waterway due to the Middle East war, which began last February, is currently causing significant instability in global fuel prices and the world economy. Supreme Leader Mojtaba Khamenei’s office stated that they would use this control over the Strait of Hormuz as a major weapon to end foreign intervention in the region and build a ‘powerful Iran’.
Source: NDTV.