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China secretly buys Iranian oil via barter, bypassing U.S. sanctions, with $8.4B in 2024 payments.
China has developed a covert barter system to buy Iranian oil while bypassing U.S. sanctions, according to Western officials.
Iranian crude is shipped to China, often mixed with other oils to obscure origins, and received by a sanctioned Chinese firm, Zhuhai Zhenrong.
In return, Chinese state-backed entities, including export credit insurer Sinosure and a shadowy financier called Chuxin, fund infrastructure projects in Iran.
This arrangement allows Iran to receive billions in payments without using the international banking system.
Western estimates place 2024 payments at $8.4 billion, with China accounting for nearly 90% of Iran’s oil exports since 2018.
China has stopped reporting Iranian oil imports in its customs data, reflecting efforts to conceal the trade.
China compra petróleo iraní en secreto a través del trueque, eludiendo las sanciones de los Estados Unidos, con 8.400 millones de dólares en pagos en 2024.