NIOC Bank Accounts Frozen Over Mounting Debt Amid Sanctions Strain

The National Iranian Oil Company (NIOC) is facing financial strain due to its mounting debt. The company's bank accounts have been frozen by a state-owned lender, the Bank of Industry and Mine, over the debt, according to semi-official Fars news agency.

NIOC owes nearly $17 billion to the National Development Fund (NDF), and the head of NDF, Mehdi Ghazanfari, said that the company will not be able to repay this debt using proceeds from the Azadegan oilfield. He attributed the delay to bureaucratic issues and administrative obstacles.

The repayment of NIOC's debt via the Azadegan route 'won't work,' Ghazanfari was quoted as saying by Borna news agency.