Iran will waive tolls for passage through the Strait of Hormuz for 60 days

For 60 days, Iran will waive tolls for services provided to ships transiting the Strait of Hormuz, but intends to do so after this period, RIA Novosti reports.

"Iran will allow ships to pass through the Strait of Hormuz free of charge only for 60 days," the Iranian news agency Fars reported.

The agency notes that after the 60-day period, Tehran intends to profit from the passage of ships through the Strait of Hormuz by providing security, shipping, and insurance services. However, Fars did not specify when this rule would come into effect.

"That is, the US has agreed to the very concept of toll collection," the Iranian media outlet noted.

According to the agency, the text of the Iranian-US memorandum indicates that shipping in the Strait of Hormuz will be regulated by Iran and Oman.

On Sunday, June 14, US President Donald Trump and Iranian Deputy Foreign Minister Kazem Gharib-Abadi confirmed the completion of a memorandum of understanding, scheduled for signing in Switzerland on June 19. According to the Iranian Foreign Minister, the Iran-US memorandum includes an immediate cessation of military action on all fronts, including in Lebanon.