Zabihollah Khodaian, head of Iran’s General Inspection Organization, revealed that over €94 billion in foreign currency from exports has not returned to Iran. This figure shows an alarming trend, worsening from €16 billion disclosed in 2020. Additionally, a $116 billion figure for non-oil exports from 2018 to late 2025 indicates a deeper issue.
International sanctions have isolated Iran from the SWIFT network, complicating repatriation of funds for exporters. In response, Iranian businesses, especially in petrochemicals, have increasingly turned to cryptocurrency. In 2025, Iran recorded $7.8 billion in crypto earnings, utilizing blockchain to navigate financial barriers. The U.S. Treasury seized $1 billion in Iranian crypto assets, underlining ongoing sanctions enforcement.
In a notable incident, Iran’s Nobitex exchange experienced a $90 million hack, hinting at the dangers of operating within a sanctioned climate. The incident raised questions regarding the intersection of crime and geopolitics in crypto markets.
As nearly $8 billion flows from Iran into crypto markets, this can impact global liquidity. Large transactions in adjacent regions like the UAE and Turkey may signal capital exit attempts from Iran, creating potential pricing instability during unrest.