Iran is circumventing sanctions by exchanging oil for Chinese goods — Reuters
Iran is using a barter-like scheme to circumvent sanctions on oil sales and purchase billions of dollars’ worth of goods from China. Among the items purchased is, in particular, military equipment.
According to sources, under this scheme, Iranian oil is exchanged for credits to pay for Chinese imports. In recent years, this secret trade mechanism has provided financial support to Tehran amid increasing economic and military pressure from the United States over Iran’s nuclear program.
According to estimates from sources, between $2 billion and $2.5 billion has flowed through this mechanism over the past year.
According to the sources, Iran has used the scheme to purchase medicines, vehicles, and military equipment from China.
The scheme also helps China, the world’s largest importer of crude oil, maintain access to Iranian oil at a discount while shielding banks and companies that export goods to Iran from international scrutiny or sanctions, the sources note.
The U.S. has imposed sanctions on some small Chinese companies and organizations that purchase Iranian oil or facilitate its supply, but has refrained from the most severe measures, which could have repercussions for the global economy.
In response to a query from Reuters, China’s Ministry of Foreign Affairs stated that it was “unaware of the situation” in question.
Reuters reports this, citing two Iranian officials and informed sources.
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