Will Europe help resolve the crisis in the Strait of Hormuz?
According to reports in the UK, a new proposal being examined as part of the contacts between the US and Iran includes the establishment of an international fund to finance passage through the Strait of Hormuz, in which Europe may participate in funding. At the same time, Tehran is examining the option of allowing European forces to assist in clearing naval mines.
European countries may be required to "pay the bill" to resolve the crisis in the Strait of Hormuz, according to a report by the British "Telegraph" this week. Against the backdrop of negotiations between the US and Iran, which have become complicated partly due to Iran's demand to start collecting protection fees for the passage of every ship, a proposal for a solution has recently emerged, under which an "international fund" would be established to pay for the passage.
According to the proposal, European and Gulf countries would pay an annual sum to a fund under the control of Oman and Iran that would ensure "maintenance, safety, and free passage" in the Strait of Hormuz. It is unclear what the scope of the payment will be, but a similar mechanism exists in the Strait of Malacca, where Singapore, Indonesia, and Malaysia share the revenues of a "voluntary fund" that shipping companies finance for the benefit of operating free maritime navigation in the area.
The report relies on sources in Iran and Oman, which are conducting negotiations on future passage through the strait, through which about a third of global oil production passes. While only 10% of European oil consumption comes from Gulf countries, countries like Italy are more dependent on it than others within the European Union. The same applies to imports of liquefied natural gas (LNG) from Qatar, which constitutes about 10% of European gas consumption.
At the same time, reports in the European media in recent days have raised the possibility that Iran will allow European countries to carry out naval mine-clearing activities as a gesture of goodwill. Several European navies have operational minesweepers that could be sent to the area within days. Until now, a European condition for the mission was that Iran would agree to it and that there would be a prolonged ceasefire. Now, according to the report, Tehran is considering acceding to the request. According to estimates, Iran released several naval mines at the beginning of the conflict, and now even it does not know where they have drifted and how to secure navigation.
