Jamshid Eshaghi

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Jamshid Eshaghi, born July 7, 1961, in Ahvaz, Iran, is an Iranian Brigadier general and a top financial official in Iran’s military. He leads the Office of Budget and Financial Affairs in Iran’s Armed Forces General Staff (AFGS), the main command that coordinates the country’s military branches. He has been responsible for managing military finances and budgets, a role that often involves using oil revenues to fund defense projects.

Iran has increasingly allocated crude oil directly to the armed forces instead of cash, allowing military groups to sell oil to finance their operations. As a senior official in charge of budgeting, Eshaghi is among the most senior Iranian figures hit by recent international sanctions. He is closely tied to Sepehr Energy Jahan Nama Pars, a Tehran-based oil company that U.S. officials say operates as a front for Iran’s military. Sepehr Energy is described as a cover company working for the AFGS and Iran’s Ministry of Defense to secretly sell Iranian oil abroad. Eshaghi previously worked with Sepehr Energy and is said to oversee its operations for the armed forces.

Iran International reported that Sepehr Energy created a network of shell companies, including Sepehr Energy Hamta Pars and others, to hide the military’s role in oil deals. These affiliates helped ship Iranian crude to Asia, with one Sepehr affiliate arranging deliveries of nearly two million barrels to China in January 2025. Documents exposed by Iran International show direct links between Sepehr Energy’s activities and Iran’s armed forces, including contracts with military guarantees for oil shipments.

Eshaghi’s work connected the AFGS with the Islamic Revolutionary Guard Corps (IRGC) in illicit crude sales to China. The U.S. Treasury says he coordinated with the IRGC on selling Iranian oil to China. The IRGC has expanded control over Iran’s oil exports, with reports that it now dominates a large portion of exports through shadow tankers and front companies, helping fund military projects and proxy forces.

Because of these activities, Eshaghi was sanctioned by the U.S. on February 6, 2025. The U.S. Treasury designated him under Executive Orders 13224 and 13902 as a Specially Designated Global Terrorist (SDGT) for aiding the IRGC’s operations. His assets under U.S. jurisdiction are frozen, and U.S. persons cannot do business with him. Foreign firms that knowingly deal with him could also face U.S. sanctions, a risk that discourages international banking and trade with him.

The sanctions sharply limit his ability to travel, open bank accounts abroad, or engage in international trade. The U.S. says the Sepehr network generates hundreds of millions of dollars to fund Iran’s military programs, including missiles and regional militias. While the European Union and the United Nations have not listed Eshaghi, U.S. measures affect his international dealings. Western media have framed the sanctions as part of a broader effort to curb Iran’s oil exports and funding for its military activities.