Iran says oil intermediaries owe it up to €11bn, an amount equal to half of its projected annual oil revenue, as US sanctions and a naval blockade hinder the government's ability to recover the money.
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01Summary
- 01Iran's judiciary said in September 2026 that a network of oil 'trustees' owed the government between €10bn and €11bn.
- 02The arrangement began in 2012 when US and European sanctions blocked official oil sales; Iran entrusted crude to institutions and private sellers.
- 03Debts accumulated because sanctioned traders could not access their accounts and because of discrepancies, delays and alleged corruption.
- 04The US reinstated and expanded sanctions after withdrawing from the JCPOA in 2018, shortening the time before traders themselves were sanctioned.
- 05Iran's judiciary chief has warned of legal action against oil sellers who refuse to return proceeds, but sanctions prevent some from transferring funds.
02Why it matters
This matters because the missing billions undermine Iran's budget amid a US economic blockade, potentially worsening domestic inflation and public services.
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