Iran May Have Received as Much as $33.6 Billion in Cash, Gold Payments From U.S.

REPORT: “In July, the Associated Press cited U.S. officials who estimated that Iran ‘brought home less than $20 billion.’ Were these funds repatriated to Tehran in cash or in gold and precious metals? Through the formal financial system? Or through some combination?” Dubowitz asked in his testimony before the House Financial Services Committee.

“The administration should also clarify if the $20 billion dollars is inclusive of the $11.9 billion in [Joint Plan of Action] funds, or if the $20 billion was in addition to the $11.9 billion,” he said. “Either way, it is important to understand how funds were sent. The worst-case scenario here is that Iran may have received as much as $33.6 billion in cash or in gold and other precious metals.”

At least some of this money was likely sent in cash and other assets, according to Dubowitz.

The Obama administration was forced to disclose on Thursday that current sanctions and banking restrictions prohibited it from transferring funds to Iran via electronic methods.

The cash payment of $1.7 billion earlier this year was the easiest way to ensure Iran got immediate access to the money, according to these officials.

“Iran had to have it in cash,” Paul Ahern, assistant general counsel for enforcement and intelligence at the Treasury Department, told lawmakers. “Iran was very aware of the difficulties it would face in accessing and using the funds if they were in any other form than cash, even after the lifting of sanctions.”