US President Donald Trump on Wednesday sought to ease concerns over maritime trade through the Strait of Hormuz, saying Iran has assured Washington that it will not impose tolls, insurance fees, or any other charges on ships transiting the crucial shipping route.
No tolls: Trumpย
Seeking to calm industry fears, Trump, in a post on Truth Social, said Iran had informed the United States that reports suggesting otherwise were incorrect. “Iran has informed the U.S. that, despite troublemaking Fake News reporting to the contrary, there are NO TOLLS, NO INSURANCE COSTS, & NO OTHER CHARGES OF ANY KIND BEING SOUGHT OR RECEIVED BY IRAN ON SHIPS TRAVELING THE STRAIT OF HORMUZ,” Trump wrote.
He also warned that any discrepancy between Iran’s assurances and its actions could jeopardise ongoing talks. “If this is false information, negotiations would end immediately!” Trump added.
The Strait of Hormuz, a global maritime chokepoint that facilitates nearly 20% of the world’s seaborne oil trade, has been a source of volatility following reports of potential Iranian regulation of traffic.ย
Trump denies money transfer to Iran
Denying that any “liquid funds” or cash had been transferred or released to the Iranian government, he outlined a new, tightly controlled mechanism for handling the billions in assets held under USย jurisdiction.ย “Additionally, no money has been given to Iran, or released from their money to them, by the US,” Trump said.
According to the administration’s plan, frozen funds will be used exclusively to bankroll the procurement of American agricultural commodities, specifically corn, wheat, and soybeans, which are intended for the Iranian public. “We will be releasing some of their money, which is totally controlled by us, to our farmers and ranchers,” Trump explained, noting that the supplies are “desperately needed” within Iran.
The framework for this delicate financial manoeuvre was detailed by US Vice President JD Vance following high-level discussions in Burgenstock, Switzerland. The mechanism, conceptualised by Jared Kushner, involves a collaborative oversight process with Qatar to prevent the potential diversion of funds.
“We wanted to make sure that we set up a process where if we ever unfreeze Iranian assets, we can ensure that money goes to help the people of Iran and not to fund terrorism,” Vance stated.ย
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