Iran has pocketed nearly $16 billion from its illicit oil trade in recent months, shining a glaring spotlight on the Biden-Harris administration’s epic failure at enforcing sanctions supposedly meant to cripple Tehran’s cash flow.
According to Mohammad Rezvanifar, the head honcho at Iran’s Customs Administration, Tehran managed to ship approximately $15.7 billion worth of oil during the first four months of the Iranian calendar year, from March 21 to July 22. Most of this black gold ended up in China, Turkey, the United Arab Emirates, Germany, and India, according to Iranian state-controlled media.
Despite the supposedly “heavy” sanctions slapped on by the U.S. and other Western nations, Iran’s oil trade has been thriving under the Biden-Harris administration. We’re talking a whopping $90 billion as of March. It’s almost like these sanctions are just for show.
China remains Iran’s largest oil buyer, with exports frequently surpassing 1 million barrels per day. Even though sanctions are intended to halt this trade, the Biden-Harris administration has faced criticism for overlooking Tehran’s oil exports to ease diplomatic tensions with the regime.
Additionally, the U.S. has issued several sanctions waivers, allowing Iraq to pay Iran over $10 billion for electricity, a move that critics argue fuels Tehran’s proxy conflict with Israel.
Andrea Stricker, a scholar at the Foundation for Defense of Democracies, pointed out that the Biden-Harris administration’s relaxed stance on sanctions has directly contributed to Iran’s record-breaking oil sales. “Tehran and its proxies have used this revenue to attack Israel, U.S. troops, and global shipping,” she said. “Washington is essentially funding the very chaos it aims to contain, including Hezbollah’s deadly weekend assault on northern Israel.”
That attack—a missile strike on a soccer field—resulted in 12 Israeli civilian deaths, including many children, and occurred after years of U.S. efforts to prevent Israel from confronting Hezbollah.
The ability of Iran to access hard currency is a major concern for American policymakers, particularly Republicans in Congress, who are exploring ways to prevent Tehran from supplying arms to its regional terror proxies. When Iran has ample funds, it can more readily arm groups like Hezbollah, whose Saturday attack marked the deadliest on Israel since October 7.
Additionally, the Iran-backed Houthi rebels in Yemen continue to disrupt international shipping routes around the Persian Gulf, targeting American military positions and cutting off supplies. Despite these disruptions, Iranian oil shipments proceed without hindrance.
Global supply routes have taken a significant hit due to Houthi attacks, but Iran’s oil trade, particularly with its top buyer, China, remains completely unaffected. According to a February report by United Against Nuclear Iran (UANI), Iranian oil exports to China hit 1 million barrels per day in January 2024. This revenue is not only essential for keeping the regime afloat but also for financing its terror proxies, including the Houthis.
Exports to China have continued to rise in 2024, with Reuters reporting that Iran has offloaded 45 million barrels into Chinese markets this week.
Iran also boasts a “ghost armada” of at least 395 oil vessels, a significant increase from the 70 ships in 2020 during the Trump administration’s maximum pressure campaign against Tehran.
Other areas of Iran’s economy have also expanded recently. From March 21 to July 22, 2024, according to Iranian state media, Iran imported approximately $800 million worth of gold ingots and exported $7.7 billion worth of petrochemicals.
This tidal wave of cash has not only kept the hardline regime afloat amid its economic woes but has also funded its favorite terror pals, Hamas and Hezbollah. So, while the rest of the world is busy pretending sanctions work, Tehran is laughing all the way to the bank and fueling its terror network with a seemingly endless flow of greenbacks. Great job, team!
