The Weirdest Detail in Iran’s Ceasefire Agreement
Source: The New Republic · Bias: Left
Summary
Iran expects to make even more money off of a potential peace deal with the White House.Beyond the 10-point peace plan that Donald Trump already signalled he was open to, Iran additionally expects countries to pay $1 per barrel of oil that passes through the Strait of Hormuz, reported the Financial Times Wednesday. Tehran demanded that the fee be paid in cryptocurrency, and that importers notify Iranian authorities about the content of their ships ahead of their arrival.“Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions,” Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, told FT.The email requirement is a preventative measure to thwart the influx of weapons into the country, according to Hosseini.“Iran needs to monitor what goes in and out of the strait to ensure these two weeks aren’t used for transferring weapons,” said Hosseini. “Everything can pass through, but the procedure will take time for each vessel, and Iran is not in a rush.”But Iran is no stranger to cryptocurrency. The country has built a $10 billion internal crypto economy in recent years, relying on the digital assets as a means to circumvent international sanctions, according to a Yahoo! Finance report published last month.The price of Brent crude, a global oil benchmark, fell to $96 dollars per barrel in the wake of the fragile ceasefire arrangement, a staggering drop from its high of nearly $112 on Tuesday.Iran’s 10-point peace plan includes various demands for an immediate end to the regional violence, including proposals for a permanent end to the war, guarantees that Iran and its allies would not be attacked again, an end to Israeli strikes on Hezbollah in Lebanon, and a halt to all regional attacks.The multi-point deal also seeks the lifting of all U.S. and international sanctions on Iran, and the imposition of a new $2 million toll per ship through the Strait of Hormuz, a vital oil tradeway situated between Iran and Oman.Trump claimed Wednesday that he planned to turn the Hormuz toll into a “joint venture” that the U.S. would jointly benefit from. It is not clear if Iran is open to that possibility.Meanwhile, a senior Iranian official told Reuters that the strait could be reopened as soon as Thursday or Friday—so long as it is “limited” and “under Iran’s control.”
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