TEHRAN - Vessels transiting the Strait of Hormuz are paying between 1.5 to 2 million dollars on average under a newly implemented maritime services arrangement, according to a report published on Sunday.

Mohsen Zanganeh, a member of the Iranian Parliament’s Planning and Budget Commission, confirmed the arrangement in remarks cited by Fars News Agency.

According to the report, the program is being administered by an entity established in cooperation with Iran’s Ministry of Economy and operating under the supervision of the Supreme National Security Council.

The report added that payments are not exclusively made in cash. Some transactions are reportedly settled through goods and services, cryptocurrencies such as Tether, or barter agreements.