Iran faces growing pressure to recover more than $2 billion in assets tied to Venezuela as the United States escalates its sanctions and restricts oil shipments. The move comes amid fears that political and economic instability in Venezuela could make it difficult for Tehran to secure its money.
Heshmatollah Falahatpisheh, a former Iranian lawmaker, recently warned that Iran must act quickly. He pointed to the example of Syria, where the fall of President Bashar al-Assad left billions in Iranian claims difficult to recover. Analysts say the Syrian experience shows how fast assets can become unrecoverable if political collapse occurs.
Tensions Rise as US Blocks Venezuelan Oil
The US has increased its pressure on Venezuela, a key partner for Iran. President Donald Trump announced a “total and complete blockade” on all sanctioned oil tankers going to or leaving Venezuela. This step follows the recent seizure of a sanctioned tanker off the Venezuelan coast.
Trump orders maritime blockade focused on sanctioned Venezuelan oil tankers
The blockade targets Venezuela’s main source of revenue: oil exports. Since 2019, US sanctions have sought to weaken President Nicolás Maduro’s government by limiting access to international markets. This has made the oil trade between Iran and Venezuela more complicated and risky.
Iran and Venezuela have long relied on each other. Tehran provides fuel, refinery services, and technical support, while Venezuela has offered oil and other resources. Reports suggest that Venezuela may have transferred gold in exchange for fuel, creating a barter system that allows both countries to bypass sanctions.
Iran’s Investments and Claims in Venezuela
Iran’s involvement in Venezuela spans many sectors. Over the years, Tehran has invested in energy, retail, automotive, agriculture, and housing projects.
- In Caracas, a large supermarket backed by Tehran, Megasis, opened in 2020 but has struggled due to shipping delays and supply problems.
- Joint car production with companies Iran Khodro and Saipa began in 2006 but stopped in 2015 after years of losses. The project was restarted in 2023 during a visit by President Ebrahim Raisi, though its profitability remains uncertain.
- Agriculture and housing initiatives were also announced, including a claim that Venezuela allocated up to one million hectares of farmland for overseas cultivation. Officials have not confirmed whether these plans are currently active.
The exact value of Venezuela’s debt to Iran remains unclear. Public records are limited, and estimates vary. Earlier, MP Ahmad Bigdeli said the national oil company of Iran was owed about $1 billion, but no official update has been released.
Energy cooperation has remained central to the partnership. The two countries have used barter arrangements involving oil and gold to maintain trade despite sanctions. Analysts like Shahram Kholdi describe Venezuela as a distant partner, helping Tehran manage sanctions pressure through oil swaps, financial channels, and political support beyond the Middle East.
Leaked reports suggest that over $7 billion may have flowed from Venezuela to Tehran over nearly two decades, including possible transfers linked to the country’s nuclear and military programs. While these claims are still under review by US authorities and have not been confirmed, they highlight the strategic importance of the Venezuela-Tehran relationship.
Risk and Fragile Situation for Iran
Iranian sources emphasize urgency, citing the risk of losing access to assets if Venezuela’s situation worsens. The combination of US sanctions, oil blockades, and Venezuela’s economic difficulties creates a highly fragile environment for Tehran’s investments and claims.
With billions at stake, the situation highlights the complex financial and political ties between Iran and Venezuela, as well as the challenges both countries face in maintaining trade and safeguarding assets amid heavy international sanctions.