China, India, Iraq: Iran has billions in frozen assets. But where is it stored?

Where are Iran's billions stored?

Iran has spent years trying to regain access to billions of dollars in overseas funds frozen by sanctions. Now, as Tehran enters negotiations with the Trump administration over a broader agreement to end the conflict and address its nuclear programme, those assets have become one of the most important issues on the table. According to a Wall Street Journal report, Iranian officials are seeking the phased release of at least $24 billion in overseas funds as part of wider efforts to revive an economy battered by sanctions, inflation and years of isolation. Tehran claims more than $100 billion of its assets remain blocked abroad, although outside estimates are generally lower.

The issue has gained fresh significance following reports of a tentative US-Iran agreement that could eventually lead to sanctions relief, unrestricted Iranian oil sales and the release of frozen funds.

Under the proposed framework, Iran would reopen the Strait of Hormuz and enter further negotiations over its nuclear programme, while Washington would consider broader economic concessions if a final deal is reached.

China holds the largest share

According to the Wall Street Journal, the largest portion of Iran's frozen assets is believed to be in China, with estimates ranging from $20 billion to $50 billion. China has remained Iran's biggest oil customer despite US sanctions.

Because most global oil transactions are conducted in US dollars, Washington can pressure banks and financial institutions to block payments connected to sanctioned Iranian exports. While some of the funds have reportedly been used to purchase Chinese goods and machinery, much of the money remains inaccessible.

Iran frozen billions

Iraq is believed to hold around $15 billion linked to purchases of Iranian electricity and natural gas.

US restrictions have prevented Baghdad from freely transferring those funds to Tehran. India and South Korea each account for roughly $7 billion. Before sanctions returned in 2018, both countries were among Iran's largest oil buyers. Payments for crude purchases were subsequently frozen in local banking systems.

Qatar, Japan and others remain key pieces

Another major pool of funds sits in Qatar. Around $6 billion that was originally held in South Korea was transferred there as part of a US-Iran prisoner exchange arrangement. The money was intended for humanitarian purposes, but Washington later restricted access following the October 2023 Hamas attacks on Israel. Smaller amounts are believed to be held in Japan, Luxembourg, Oman and even the United States. Together, these accounts are estimated to contain around $8 billion.