China Aviods West’s Iran Sanctions, Funds Development
China avoids West’s Iran Sanctions, Funds Development
A report by the Iranian media Tasnimnews.com Saturday said China agreed to finance $20-B in development projects in Iran using Crude Oil money not transferred to it because of international sanctions.
The Tasnimnews website published a report Saturday that the deal was reached during talks between Iran’s parliamentary speaker, and China leaders.
An Iranian government spokesman said last week that some $22-B of Iranian Crude Oil money is stuck in China because of Western sanctions will be used to finance major national infrastructure projects.
Iran frequently uses Crude Oil barter arrangements to circumvent the sanctions.
China is Iran’s top Crude Oil importer.
Following the Iranian Revolution of Y 1979, the United States imposed sanctions against Iran and expanded them in Y 1995 to include firms dealing with the Iranian regime.
In Y 2006, the UN Security Council passed Resolution 1696, and imposed sanctions after Iran refused to suspend its enrichment program. US sanctions initially targeted investments in Crude Oil, Nat Gas and Petrochemicals, exports of refined Petroleum products, and business dealings with the Iranian Republican Guard Corps.
This encompasses banking and insurance transactions (including with the Central Bank of Iran), shipping, web-hosting services for commercial endeavors, and domain name registration services.
Over the years, sanctions have taken a serious toll on Iran’s economy and people.
Since Y 1979, the United States led international efforts to use sanctions to influence Iran’s policies, including Iran’s uranium enrichment program, which Western governments fear is to produce nuclear weapons.
Iran counters that its nuclear program is for civilian purposes, including generating electricity and medical purposes.
Since nuclear talks between Iran and Western governments have failed, new proposals to enforce stronger economic sanctions on Iran are being discussed.
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Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations.
Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.