China Underreports Iranian Crude Buys, Thwarting US Sanctions
Beijing bypasses Western banks and shipping services in the process
By: Tim Daiss
China is buying Iranian crude oil in increasing amounts while hiding the magnitude of the purchases, thwarting US sanctions by developing an oil trade system that bypasses Western banks and shipping services and saving more than US$10 billion in 2023 in the process. Beijing’s imports rose by 11 percent year on year in…
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