Iran's Frozen Billions: Where are the Lost Assets?

Map of Iran's Foreign Currency Asset Distribution Worldwide According to reports published in late June 2026, it is estimated that the total of Iran's frozen assets abroad is between $100 and $123 billion [3]. These amounts, mainly resulting from the sale of oil, gas, and electricity over past decades, have been blocked in various international accounts due to banking sanctions. The largest holder of these funds is China, which is estimated to hold between $20 and $50 billion of Iran's oil revenues in its banks [1].

In addition to China, Iraq with approximately $15 billion (for electricity and gas purchases) and India and South Korea each with about $7 billion, are other main destinations for these funds [4]. Smaller amounts are also held in Japan, Luxembourg, Oman, and even the United States itself, access to which has always been a major axis of diplomatic negotiations.

The 2026 Memorandum and Qatar's Key Role Following intensive negotiations in Switzerland and Qatar, a 14-point memorandum of understanding was signed on June 17, 2026, paving the way for the release of a portion of these assets. Mohammad Bagher Ghalibaf, Speaker of the Parliament and Iran's lead negotiator, announced that under this agreement, $12 billion of the assets will be placed at the disposal of the Central Bank in two stages [2].

An important part of this process concerns the $6 billion previously transferred from South Korea to Qatar. Masoud Pezeshkian, the President of Iran, emphasized on June 30, 2026, that according to the plan, these funds will soon be available for the purchase of non-sanctioned goods and even beyond humanitarian needs [1]. However, the Qatari Ministry of Foreign Affairs stated on July 1, 2026, that the final transfer of these funds is subject to step-by-step progress in technical negotiations between Tehran and Washington [3].

Legal Challenges and Banking Guarantees Abdolnaser Hemmati, Governor of the Central Bank, noted that the new memorandum incorporates lessons learned from previous agreements and includes mechanisms to guarantee the implementation of United States commitments [4]. One of the main challenges is lifting the restrictions of the U.S. Office of Foreign Assets Control (OFAC) so that international banks can conduct transactions related to Iran without fear of penalties.

While the Iranian government seeks full and unconditional access to $24 billion of these funds in the first phase, critics in Washington continue to emphasize strict monitoring of how these amounts are spent. The release of these assets could have a direct impact on the stability of Iran's currency market and the reduction of the inflation rate, which reached concerning figures in 2026 [2].