Iran broke? $25bn oil loss, $350m crypto frozen as militias send money back to IRGC

Iran faces mounting financial pressure as US officials report $25 billion in lost oil revenue, $350 million in crypto frozen and militias sending funds back to the IRGC

Iran is facing mounting financial pressure after nine months of war, with a US naval blockade costing it $25 billion in lost oil revenue and $350 million in cryptocurrency frozen, according to US Central Command (CENTCOM) chief Adm Brad Cooper.In a video message released on Friday, Cooper said Iran-backed groups across the region, including Hezbollah, Hamas and Shia militias in Iraq, were sending money back to Iran's Islamic Revolutionary Guard Corps (IRGC), which has funded them for years."The financial strain on Iran's military has become so significant that there are reports about Iran-aligned militia groups across the region withholding payments for their soldiers in order to funnel money back to the IRGC, which also isn't paying its troops," Cooper said.

He added that the Iranian government was withholding salaries, pensions and benefits from public sector workers, including internal security personnel and members of the IRGC.The financial squeeze comes as the Trump administration maintains a naval blockade and sanctions on Iran, hoping to push Tehran towards a deal that includes concessions on its nuclear programme. However, Iran has yet to respond to a US counterproposal aimed at ending the war.

Cooper said CENTCOM and the US Treasury Department had also frozen $350 million in Iranian cryptocurrency in recent weeks. The naval blockade, meanwhile, had cost Tehran $25 billion in lost oil revenue, he said.

Strait of Hormuz tensions

Cooper attributed the recent increase in Iranian attacks on ships in the Strait of Hormuz to what he described as desperation within the IRGC.Despite the attacks, the strategic waterway remains open, he said, with 400 ships and 100 million barrels of oil moving through it over the past week.The US military has largely paused strikes on Iranian anti-ship missiles and attack drone launchers around the strait in recent weeks. A US official said the White House ordered the pause to avoid escalating the conflict ahead of the November midterm elections.US officials are concerned that continued attacks could discourage shipping companies from using the strait, reducing oil supplies and pushing up global prices.

They also believe Iran is seeking to raise oil prices and increase pressure on US President Donald Trump ahead of the elections.Meanwhile, the White House and Qatari mediators are awaiting Tehran's response to Washington's counterproposal to end the war. A US official said the proposal was still under consideration in Tehran.Regional mediators have urged Iranian Foreign Minister Abbas Araghchi not to delay the response until after the midterm elections, warning that there is no guarantee Trump would take a more conciliatory approach afterwards.