Iran transfers US$7.5b in oil revenues to central bank amid US blockade

In the current Iranian year, Iran has transferred a staggering US$7.5 billion (RM31.6 billion) in oil revenues to its central bank, according to Anadolu Ajansi. This information was reported by the semi-official Fars News Agency. The funds are projected to cover the government’s foreign-currency expenditures from July to December.

The report, based on data obtained from Iran’s Oil Ministry, suggests that Iran possesses sufficient oil for sale outside the US naval blockade to meet the revenue targets outlined in its state budget from March 21, 2026, to March 20, 2027. According to the report, oil revenues from March 21 to July 22, the first four months of the Iranian year, reached 99% of the projected budget amount.

This development occurs amidst a US naval blockade imposed on Iran, which has significantly impacted Tehran’s oil exports and maritime trade. The Strait of Hormuz, a vital route for global energy shipments, has been the focal point of the US-Iran conflict. Iran has closed the strategic waterway, while the US has demanded its reopening for unrestricted navigation.

Under a memorandum of understanding signed in June, efforts to end the US-Iran war call for the lifting of the US naval blockade and the reopening of the Strait of Hormuz as key provisions. Iranian officials have stated that Tehran will not fully reopen the waterway until Washington fulfills its commitments, which include lifting the blockade, sanctions, and releasing frozen Iranian assets.