How China Secretly Pays Iran for Oil and Avoids U.S. Sanctions: Hidden arrangement secured by prominent Chinese insurer connects Tehran with its biggest customer

https://www.wsj.com/world/middle-east/how-china-secretly-pays-iran-for-oil-and-avoids-u-s-sanctions-b6f1b71e

Posted by Strongbow85

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  1. *Submission Statement:* Despite U.S. sanctions aimed at isolating Iran and blocking oil revenues, China has established a secretive barter-like system to continue purchasing Iranian crude. In this arrangement, Iranian oil is exchanged for Chinese-built infrastructure projects via a concealed network involving Chinese state-backed entities. At the center of the system are Sinosure, China’s export credit insurer, and a financial intermediary, Chuxin, which transfers oil revenue to Chinese contractors working in Iran. This workaround has circumvented the global banking system and funnelled billions of dollars into Iran’s economy. Although the U.S. has sanctioned some Chinese individuals and companies, large Chinese firms involved in this scheme have so far avoided penalties. The covert cooperation deepens strategic ties between China and Iran, in defiance of U.S. efforts to exert maximum pressure on Tehran.

    https://archive.is/RATX4

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