Let’s look at the $300B plus controlled by Iran’s supreme Leader. We know that he refuses to spend this money on economic stimulus and coronavirus aid for the Iranian people.

$200B is in his corporate holding company and two related foundations in off-the-books assets. That wealth is based on private property stolen from Iranians after the revolution & accumulations since then.

That money is inside Iran and tens of billions would be in rials for economic stimulus. US sanctions can’t reach that money so it’s for use inside Iran.

Khamenei has related subsidiaries that operate internationally which would be impacted (which is why sanctions imposed in first place) but his Iranian holdings are available.

$91B is in the NDF which is their sovereign wealth fund which he controls. $20B is in liquid cash, according to our estimates.

Again, some of that money is abroad but billions inside Iran available for stimulus. Khamenei has used billions from the NDF to fund the QF, IRIB and nuclear expansion.

Then there’s $80B approximately in oil escrow accounts abroad all of which is available for humanitarian trade with any country (and for non-sanctionable bilateral trade with the country in which the money resides).

That’s likely the money used for the $15B in trade in essential goods and medicines that the CBI governor recently said took place last year.

So, the question is: Why isn’t Khamenei using the money inside Iran to provide an economic stimulus package?

Congress supported a $2T package for our $20T economy. Why doesn’t he support a $40B stimulus package for his $400B economy?

And he has plenty of money to pay for humanitarian goods outside Iran which is already being used. The Swiss humanitarian channel, Iranian banks on Swift, OFAC general license etc is all facilitating that trade. Tweaks may be useful but enhanced due diligence always necessary.

And, remember, when you multiply Khamenei’s hundreds of billions of dollars by 166,000 (Rial: USD exchange rate), he has trillions and trillions of rials to pay the salaries of workers, provide support to small businesses, money for health care etc.