How China has helped Russia and Iran evade Western sanctions, according to a think tank
==========

China has helped Russia and Iran evade Western sanctions on their oil exports by creating an alternative market for their restricted oil. The oil is traded in Chinese renminbi, allowing their crude-loaded tankers to bypass international maritime rules. Chinese independent refineries, known as 'teapots,' have clandestinely accepted 90% of Iran's total oil exports, while Chinese state-owned refiners have avoided Iran due to fears of sanctions. China's aid to Russia is within the bounds of safeguarding its own interests, as evidenced by three out of four Chinese banks halting payments from sanctioned Russian firms. However, if the West were to threaten to sanction large Chinese companies for importing Russian oil above the price cap, Beijing would likely comply.

#China #Russia #Iran #WesternSanctions #OilExports #AlternativeMarket #Renminbi #Teapots #SanctionedRussianFirms

https://www.businessinsider.com/china-russia-iran-economy-outlook-help-assistance-western-sanctions-oil-2024-3