economy
April 16, 2026
More than 100 billion dollars frozen
The Iranian economy has been crippled for years due to sanctions imposed by the US and other countries on Tehran since 1979, writes Al Jazeera journalist Priyanka Shankar.
TL;DR
- US and allied sanctions have frozen tens of billions of dollars of Iranian assets.
- The total value of frozen Iranian assets is estimated to be over $100 billion, nearly a quarter of Iran's GDP.
- Sanctions initially stemmed from the 1979 embassy hostage crisis and later included Iran's nuclear and ballistic missile programs.
- The 2015 JCPOA temporarily eased sanctions, allowing Iran access to some assets, but the US withdrew in 2018, re-imposing sanctions.
- Recent EU sanctions target imports, purchases, and transport of Iranian oil and petrochemical products.
- Frozen assets are held in various countries, with significant amounts in China, Iraq, India, Japan, and Luxembourg.
- Iran has suffered substantial material damage, with preliminary estimates of $270 billion from US-Israeli attacks.
- The IMF projects Iran's economy to contract by 6.1% this year, with a slight recovery expected in 2027.