The Iranian regime's acceptance of cryptocurrency payments from cargo ships is a strategic move that aligns with its existing trade networks designed to circumvent sanctions. According to a spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union, bitcoin is now an accepted payment method, with previous reports also mentioning the use of stablecoins for allowing select oil tankers to pass unharmed. The fee for this service is $1 per barrel of oil, with the largest tankers carrying up to two million barrels. This development is not surprising, given the Iranian regime's, and specifically the Islamic Revolutionary Guard Corps' (IRGC), increasing use of cryptocurrency over the past few years to facilitate cross-border commercial trade, especially with Iranian oil sales.
Blockchain analytics specialist Chainalysis has observed this trend, with data showing a growing and complex network using crypto wallets for sanctioned activities. For instance, a U.S.-sanctioned, IRGC-affiliated financier linked to the Iran-backed Houthi regime facilitated Iranian oil sales to Yemen involving cryptocurrency addresses, resulting in over $178 million in transfers within a year. The use of cryptocurrency, particularly stablecoins, provides the Iranian regime with a mechanism to trade globally without relying on the traditional banking system, which is heavily sanctioned.
Experts like Andrew Fierman of Chainalysis and Tom Keatinge of the Centre for Finance and Security agree that this approach allows Iran to circumvent sanctions and western banking controls, with the added benefit of stablecoins being pegged to the US dollar, making them more appealing for international trade.