With revenues exceeding $10 billion… Iran announces a new plan for managing Hormuz

Iran has announced the preparation of a new proposal for managing the Strait of Hormuz in the post-war phase, amid estimates that it will bring Iran more than $10 billion annually.

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“Fars” news agency quoted the Iranian Ministry of Economy as saying that the new mechanism enjoys international acceptance and complies with the rules of international law, along with the economic returns it is expected to provide for Iran.

According to a document seen by the agency, the concept is based on using insurance to regulate the management of the maritime passage while preserving Iran’s right to exercise its sovereignty over it.

The document estimates that the plan could generate over $10 billion for Iran if risks associated with navigation in the region decrease. The first phase would include providing insurance coverage for inspection, detention, and confiscation operations, without extending to damages resulting from military attacks.

It also indicates that the insurance framework would allow for the issuance of various maritime documents and certificates, as well as financial liability, granting Iran a greater ability to gather information, monitor ship movement, and distinguish them according to their affiliated countries.