Iran has stated that intermediaries involved in its oil sales owe the government between 10 billion euros ($11 billion) and 11 billion euros ($12 billion). This debt represents a significant portion of the projected oil revenue for the current fiscal year. The issue arises as the United States continues its naval blockade of Iranian ports and imposes sanctions on oil exports. US Treasury Secretary Scott Bessent has linked Iran's difficulties in accessing oil revenues to the effectiveness of the US economic pressure campaign.
The debt situation stems from an oil-sales arrangement adopted by Iran in 2012 in response to US sanctions targeting its oil exports. These sanctions were implemented under the premise that revenue from oil sales was financing Iran's nuclear program. To circumvent these restrictions, Iran began selling oil to domestic buyers and using it to settle debts owed to various institutions. This led to the creation of a network of oil intermediaries, known as the 'trustee network', which was responsible for selling oil on behalf of the government.
The proceeds from these sales were intended to be deposited into the government treasury, but discrepancies soon emerged between expected and actual revenues. These discrepancies contributed to significant corruption cases in Iran's economy. After the 2016 Joint Comprehensive Plan of Action (JCPOA) nuclear deal, which temporarily lifted sanctions, the Iranian government regained control over oil sales, leading to some individuals being imprisoned for failing to return proceeds.
However, following the US withdrawal from the JCPOA in 2018, Iran again relied on private traders, which reintroduced issues related to delays in revenue returns and accounting discrepancies. The US also expanded sanctions to include individuals and entities involved in oil transactions, further complicating the situation for oil traders. Iranian officials have accused intermediaries of exploiting the sanctions to enrich themselves. The judiciary has warned that legal action will be taken against those who do not return the proceeds from oil sales, although the sanctions environment remains a significant barrier.