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China Underreports Iranian Crude Buys, Thwarting US Sanctions
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China Underreports Iranian Crude Buys, Thwarting US Sanctions

Beijing bypasses Western banks and shipping services in the process

May 24, 2024
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China Underreports Iranian Crude Buys, Thwarting US Sanctions
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By: Tim Daiss
The ‘ghost fleet’ sails

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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