Iranian Guards' business empire to win big if US sanctions lifted

As Washington and Tehran move closer to a potential deal to end their war, a paradox emerges: measures intended to coax Iran into compliance could strengthen the Islamic Revolutionary Guard Corps (IRGC), an entity designated as a terrorist organization by the U.S. and its allies.

For years, the IRGC has operated and expanded a sprawling commercial empire, encompassing oil, construction, shipping, telecommunications, and ports, largely thriving under the shadow of international sanctions. Now, with talks progressing toward a deal that could unlock billions for Iran and attract global investment, the elite force is positioned as one of the primary beneficiaries.

Four senior Iranian sources indicated that the IRGC is uniquely situated to capture a substantial share of financial gains from sanctions relief, renewed oil exports, and foreign investment. Their pervasive influence within Iran's economy, however, poses a significant challenge. The Guards' deep entanglement in business could complicate the process of freeing the economy from sanctions.

Founded by Ayatollah Ruhollah Khomeini and strengthened under Ayatollah Ali Khamenei, the IRGC has wielded considerable political power, spearheading regional influence projection and suppressing domestic dissent. Since the war began, their internal power has grown, reportedly aiding in the succession of Khamenei's son, Mojtaba Khamenei, as the new supreme leader. The IRGC has signaled support for a deal to end the war.

While a spokesperson for the Guards declined to comment, sources suggest the IRGC views itself as the war's true victor, having secured the Islamic system's survival. Any lifting of sanctions would expand their considerable financial reach, building on existing multibillion-dollar trade networks and operations. The IRGC's engineering arm, Khatam al-Anbia, oversees hundreds of affiliated companies involved in major projects.