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.
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