By Admin 
Iran’s Frozen Assets: Some assets of Iran have been frozen since the overthrow of Mohammad Reza Shah Pahlvi. During that time, US President Jimmy Carter froze Iran’s assets in America. For the last 47 years, these immovable properties, gold and bank accounts of Shah’s era are stuck between legal cases and sanctions.
Relief was found in Obama administration
Sanctions on Iran were lifted in 2015 after the historic nuclear deal signed during Barack Obama’s administration. After this, Iran was earning money by selling oil to the world legally without any restriction. However, in 2018, President Donald Trump pulled Iran out of the agreement and imposed trade sanctions on it. The result was such that the payment for the oil purchased from Iran by big Asian countries like India, China, Japan and South Korea remained stuck in the bank due to International Banking Transfer (SWIFT) being blocked.
How much money is stuck in China?
An estimated 20-50 billion dollars of Iran is stuck with China. Despite US sanctions, China is the largest buyer of Iran’s crude oil. However, due to US control over the international banking system, the money for imported oil could not be transferred. However, some part of this money is used by Iran to import machinery etc. from China.
Money is stuck in India too
Before the sanctions imposed in 2018, India was Iran’s second largest oil buyer. After the implementation of the ban, Indian oil companies deposited the payment for the oil purchased from Iran in the escrow accounts of Indian banks. However, due to American sanctions, further processing could not take place. Similarly, billions of dollars of Iran are also stuck in countries like Iraq and Qatar.
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