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flag China secretly buys Iranian oil via barter, bypassing U.S. sanctions, with $8.4B in 2024 payments.

flag China has developed a covert barter system to buy Iranian oil while bypassing U.S. sanctions, according to Western officials. flag Iranian crude is shipped to China, often mixed with other oils to obscure origins, and received by a sanctioned Chinese firm, Zhuhai Zhenrong. flag In return, Chinese state-backed entities, including export credit insurer Sinosure and a shadowy financier called Chuxin, fund infrastructure projects in Iran. flag This arrangement allows Iran to receive billions in payments without using the international banking system. flag Western estimates place 2024 payments at $8.4 billion, with China accounting for nearly 90% of Iran’s oil exports since 2018. flag China has stopped reporting Iranian oil imports in its customs data, reflecting efforts to conceal the trade.

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