Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking & Finance Review®

Global Banking & Finance Review® - Subscribe to our newsletter

Company

    GBAF Logo
    • About Us
    • Advertising and Sponsorship
    • Profile & Readership
    • Contact Us
    • Latest News
    • Privacy & Cookies Policies
    • Terms of Use
    • Advertising Terms
    • Issue 81
    • Issue 80
    • Issue 79
    • Issue 78
    • Issue 77
    • Issue 76
    • Issue 75
    • Issue 74
    • Issue 73
    • Issue 72
    • Issue 71
    • Issue 70
    • View All
    • About the Awards
    • Awards Timetable
    • Awards Winners
    • Submit Nominations
    • Testimonials
    • Media Room
    • FAQ
    • Asset Management Awards
    • Brand of the Year Awards
    • Business Awards
    • Cash Management Banking Awards
    • Banking Technology Awards
    • CEO Awards
    • Customer Service Awards
    • CSR Awards
    • Deal of the Year Awards
    • Corporate Governance Awards
    • Corporate Banking Awards
    • Digital Transformation Awards
    • Fintech Awards
    • Education & Training Awards
    • ESG & Sustainability Awards
    • ESG Awards
    • Forex Banking Awards
    • Innovation Awards
    • Insurance & Takaful Awards
    • Investment Banking Awards
    • Investor Relations Awards
    • Leadership Awards
    • Islamic Banking Awards
    • Real Estate Awards
    • Project Finance Awards
    • Process & Product Awards
    • Telecommunication Awards
    • HR & Recruitment Awards
    • Trade Finance Awards
    • The Next 100 Global Awards
    • Wealth Management Awards
    • Travel Awards
    • Years of Excellence Awards
    • Publishing Principles
    • Ownership & Funding
    • Corrections Policy
    • Editorial Code of Ethics
    • Diversity & Inclusion Policy
    • Fact Checking Policy
    Original content: Global Banking and Finance Review - https://www.globalbankingandfinance.com

    A global financial intelligence and recognition platform delivering authoritative insights, data-driven analysis, and institutional benchmarking across Banking, Capital Markets, Investment, Technology, and Financial Infrastructure.

    Copyright © 2010-2026 - All Rights Reserved. | Sitemap | Tags

    Editorial & Advertiser disclosure

    Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    1. Home
    2. >Finance
    3. >Greek PM says tolls for ships to cross Hormuz would be unacceptable, a risk to freedom of navigation
    Finance

    Greek PM Says Tolls for Ships to Cross Hormuz Would Be Unacceptable, a Risk to Freedom of Navigation

    Published by Global Banking & Finance Review®

    Posted on April 8, 2026

    2 min read

    Last updated: April 8, 2026

    Add as preferred source on Google
    Greek PM says tolls for ships to cross Hormuz would be unacceptable, a risk to freedom of navigation - Finance news and analysis from Global Banking & Finance Review
    Tags:FinanceShippingGlobal tradeGeopolitics

    Quick Summary

    Greek PM Kyriakos Mitsotakis called Iran’s proposal to charge tolls on ships transiting the Strait of Hormuz “completely unacceptable,” warning it would undermine freedom of navigation and set a dangerous precedent internationally.

    Table of Contents

    • Greek Response to Proposed Hormuz Strait Ship Tolls
    • Prime Minister Mitsotakis Rejects Iran’s Proposal
    • Impact of the Iran Conflict on Global Trade
    • Disruption of Key Shipping Routes
    • Greece’s Role in Global Shipping
    • International Reactions and Negotiations
    • Tehran’s Proposal and U.S. Response
    • Freedom of Navigation and Legal Precedents
    • Mitsotakis on Maintaining Open Passage
    • Quote from Prime Minister Mitsotakis
    • Call for International Agreements
    • Conditions for Future Agreements
    • Reporting Credits

    Greek PM: Ship Tolls in Hormuz Strait Jeopardize Global Trade and Navigation

    Greek Response to Proposed Hormuz Strait Ship Tolls

    Prime Minister Mitsotakis Rejects Iran’s Proposal

    ATHENS, April 8 (Reuters) - Greek Prime Minister Kyriakos Mitsotakis said on Wednesday it would be unacceptable for ships to have to pay a fee to cross the Strait of Hormuz as Iran has suggested, and such a move would set a dangerous precedent for freedom of navigation.

    Impact of the Iran Conflict on Global Trade

    Disruption of Key Shipping Routes

    The Iran war has threatened Gulf ports and disrupted global trade through the strait, a waterway through which a fifth of the world's oil and liquefied natural gas normally passes. 

    Greece’s Role in Global Shipping

    Greece controls one of the largest merchant fleets globally in terms of cargo-carrying capacity. 

    International Reactions and Negotiations

    Tehran’s Proposal and U.S. Response

    Amid ceasefire talks with the U.S. and Israel, Tehran, which controls the chokepoint, has proposed fees or tolls on vessels to safely pass through the strait. U.S. President Donald Trump on Wednesday suggested the U.S. and Iran could collect tolls in a joint venture, while the White House said the priority was reopening the strait without limitations.

    Freedom of Navigation and Legal Precedents

    Mitsotakis on Maintaining Open Passage

    Mitsotakis said the strait always had freedom of navigation and that needs to continue.

    Quote from Prime Minister Mitsotakis

    "I don't think that the international community would be ready to accept Iran setting up a toll booth for every ship that crosses the strait," Mitsotakis told CNN. "That seems to me to be completely unacceptable." 

    Call for International Agreements

    The centre-right leader added that a separate international agreement regarding the strait may be necessary. 

    Conditions for Future Agreements

    "But this agreement cannot, I repeat, cannot include a sort of a fee that ships will have to pay every time they cross the strait. This was not the case before the war started and it cannot be the case after the war finishes," he said. 

    "We would be setting a very, very dangerous precedent, if that were to happen, for the freedom of navigation." 

    Reporting Credits

    (Reporting by Renee MaltezouEditing by Rod Nickel)

    Key Takeaways

    • •Iran has begun imposing informal “toll booth” controls via the IRGC in the Strait of Hormuz, with some vessels reportedly paying up to $2 million in yuan or crypto to secure safe passage, a sharp divergence from pre‑war norms (fxstreet.com).
    • •Under international law—namely UNCLOS—straits used for international navigation like Hormuz must allow free transit passage, and transit fees are not permitted; Iran’s proposal and practices conflict with these norms (timesofindia.indiatimes.com).
    • •The tolls risk drastically raising shipping costs and global energy prices—for instance, a single $2 million fee could translate to a $2 increase per barrel of crude oil—while signalling a shift toward securitized control of vital chokepoints (english.elpais.com).

    References

    • The toll booth at the edge of the world
    • Iran-US ceasefire: Can Tehran charge toll fee in Strait of Hormuz? What international law says - The Times of India
    • A toll in the Strait of Hormuz: Iran’s condition for peace that could raise oil prices indefinitely | Economy and Business | EL PAÍS English

    Frequently Asked Questions about Greek PM says tolls for ships to cross Hormuz would be unacceptable, a risk to freedom of navigation

    1What did the Greek Prime Minister say about ship tolls in the Strait of Hormuz?

    Greek PM Kyriakos Mitsotakis said it would be unacceptable for ships to pay fees to cross the Strait of Hormuz, warning it risks freedom of navigation.

    2Why is the Strait of Hormuz important for global trade?

    The Strait of Hormuz is a key waterway where about a fifth of the world’s oil and liquefied natural gas pass through.

    3Which country has suggested imposing tolls on vessels crossing the Strait of Hormuz?

    Iran has proposed fees or tolls for ships to safely pass through the Strait of Hormuz amid regional tensions.

    4What precedent could be set by introducing shipping tolls in the Strait of Hormuz?

    Introducing tolls could set a dangerous precedent, threatening freedom of navigation for international shipping.

    5What role does Greece play in global shipping?

    Greece controls one of the largest merchant fleets globally in terms of cargo-carrying capacity.

    Why waste money on news and opinion when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Previous Finance PostUS Crude Futures Rise After Settling Previous Session With Biggest Fall in Six Years
    Next Finance PostMarkets Gorge on Huge Taco
    More from Finance

    Explore more articles in the Finance category

    Image for UK home buyers baulk as Iran war pushes up mortgage rates, RICS survey shows
    UK Home Buyers Baulk as Iran War Pushes up Mortgage Rates, Rics Survey Shows
    Image for UK investment industry calls for clearer risk rules to encourage everyday investors
    UK Investment Industry Calls for Clearer Risk Rules to Encourage Everyday Investors
    Image for US crude futures rise after settling previous session with biggest fall in six years
    US Crude Futures Rise After Settling Previous Session With Biggest Fall in Six Years
    Image for Markets gorge on huge TACO
    Markets Gorge on Huge Taco
    Image for Israeli strikes in Gaza kill four, including Al Jazeera journalist, medics say
    Israeli Strikes in Gaza Kill Four, Including Al Jazeera Journalist, Medics Say
    Image for 'Talks were almost dead': Pakistan's last-ditch effort to secure Iran war truce
    'Talks Were Almost Dead': Pakistan's Last-Ditch Effort to Secure Iran War Truce
    Image for Apply Now: Best ESG-Focused Private Equity Fund 2026
    Apply Now: Best ESG-Focused Private Equity Fund 2026
    Image for Nominations Now Open for Best ESG Social Bonds 2026 Award
    Nominations Now Open for Best ESG Social Bonds 2026 Award
    Image for Lufthansa cabin crew union calls one-day strike in Germany
    Lufthansa Cabin Crew Union Calls One-Day Strike in Germany
    Image for Wealthy nations slashed development aid in 2025 for second year in row, debt group says
    Wealthy Nations Slashed Development Aid in 2025 for Second Year in Row, Debt Group Says
    Image for Call for Entries: Best ESG Multi-Asset Fund 2026
    Call for Entries: Best ESG Multi-Asset Fund 2026
    Image for Compete for Best ESG Infrastructure Fund 2026: Submit Your Entry Today
    Compete for Best ESG Infrastructure Fund 2026: Submit Your Entry Today
    View All Finance Posts