Over $11b in Oil Revenues Yet to Return

TEHRAN (Iran News) Ali Akbar Pour Ebrahim said in an interview that different groups of oil trustees emerged in recent years. One group consisted of oil buyers who sold crude but failed to return proceeds. A second group handled the transfer of oil revenues through intermediary accounts. According to him, in many cases the buyer fulfilled obligations, but funds became “stuck” in intermediary accounts where misuse allegedly occurred.

He also described a third category engaging in what he called “false confirmations,” claiming oil payments had been transferred when, in fact, no funds were received. In such cases, he alleged collusion between buyers and financial intermediaries, with delayed transfers generating shared profits.

Pour Ebrahim said that during the administration of former President Hassan Rouhani, oil revenues were managed directly under the Oil Ministry’s oversight through trustees controlled by NICO. Funds, he claimed, were received directly and used for essential imports such as medicine and basic goods.

However, he alleged that during the administration of late President Ebrahim Raisi, the mechanism changed. Oil Ministry–controlled trustees were dissolved and replaced with banking intermediaries supervised by commercial banks under the Central Bank. He said exchange networks opposed the previous structure because it limited commission earnings on large currency transfers.

According to Pour Ebrahim, by late 2023 supervisory bodies had formally warned the government that roughly $11 billion in oil revenues had not been returned and were “deposited” in trustee accounts. He claimed he had no doubt that part of the funds had been misappropriated.

He said he raised the issue again at the start of President Masoud Pezeshkian’s administration, urging immediate follow-up amid foreign currency shortages. Pezeshkian reportedly ordered a review.

Pour Ebrahim alleged that in a subsequent meeting attended by senior officials—including Oil Minister Mohsen Paknejad and Central Bank Governor Mohammad Reza Farzin—his claims were dismissed. He said Farzin described the report as “nonsense” and guaranteed the funds would return. Pour Ebrahim later said he was removed from his position after raising concerns directly with the president.

In one of his most striking claims, Pour Ebrahim alleged that some trustees enriched themselves rapidly, purchasing luxury properties and Rolls-Royce cars in the United Arab Emirates. He said individuals operating through “small, shell companies” had gained sudden wealth from oil funds.

He also claimed that controversial businessman Babak Zanjani re-entered the oil trade after his own removal, suggesting management changes enabled such developments.

Pour Ebrahim strongly criticized reports that authorities may allow trustees to settle foreign currency debts by importing goods such as essential commodities, solar panels, or vehicles. He called the move “a disaster,” arguing that hard currency obligations must be repaid in currency, not through potentially overpriced goods.

“If a trustee owes $1 billion but only has $400 million left, settling with goods opens the door to inflated invoices to mask the shortfall,” he alleged.

He further questioned the adequacy of guarantees obtained from trustees, claiming collateral was often far below the value of oil proceeds handled.

Pour Ebrahim concluded that the alleged failure to repatriate oil revenues has contributed to currency instability and economic strain. He urged authorities to compel repayment—if funds still exist—and to restore previous oversight mechanisms under direct Oil Ministry control.

Government officials have not publicly confirmed the figures cited, and no formal judicial rulings have been announced regarding the allegations. Nonetheless, the claims have reignited debate over transparency and oversight in Iran’s oil revenue management system.