Iran banks big on murky oil ‘trustees’ as war with US on the horizon
Al Jazeera
February 23, 2026
AI-Generated Deep Dive Summary
Iran is increasingly relying on a network of state-linked intermediaries, or "trustees," to manage oil sales and import operations amid US sanctions and escalating tensions with Washington. These shadowy figures have been handling billions of dollars in oil proceeds, much of which remains unaccounted for, raising concerns about corruption and economic instability within the country. Judiciary officials have stepped in to investigate these activities, but questions persist about how widespread the mismanagement is and whether accountability can be achieved.
The system of using trustees emerged as a workaround for Iran's struggling economy under US sanctions. According to former oil executives, including Ali Akbar Pour Ebrahim, the Petroleum Ministry was sidelined by President Ebrahim Raisi's administration, which instead relied on commercial banks and their affiliated intermediaries to manage oil revenues. This shift led to the mushrooming of trustees who were accused of siphoning off funds through shell companies in countries like the UAE, leaving Iran without access to billions in its own oil earnings.
The misuse of these funds has had significant consequences for Iran's economy, which is already reeling from high inflation and a depreciating currency. Pour Ebrahim revealed that at least $11 billion was unaccounted for after being handled by the trustees, many of whom have since lived lavishly in foreign countries. Meanwhile, parliamentary officials confirmed that some banks colluded with these intermediaries to misreport oil proceeds to the Central Bank.
Judiciary chief Gholam-Hossein Mohseni-Ejei has vowed to pursue those responsible, but progress has been slow due to limited oversight and political resistance. The lack of transparency in these operations not only undermines Iran's financial stability but also raises questions about its ability to navigate the economic fallout from ongoing US sanctions and regional conflicts.
This situation highlights the broader challenges Iran faces in managing its resources under international pressure. The opacity of its oil trade intermediaries erodes trust both domestically and internationally, complicating efforts to stabilize its economy and improve relations with global partners. For readers interested in global politics and economic diplomacy, this story underscores the delicate balance countries must maintain when dealing with external sanctions and internal governance issues.
The stakes are high for Iran as it seeks to preserve its oil revenue while avoiding further accusations of corruption and mismanagement. The outcome of these investigations could
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Originally published on Al Jazeera on 2/23/2026