Why China will not comply with US sanctions on Iran
Summary
Leaders from China, Russia, India, and Iran met at the Shanghai Cooperation Organization summit in Bishkek. China is resisting US sanctions on Iran by continuing to buy most of Iran’s oil and using ways to hide these transactions, showing it will protect its economic interests despite US pressure.Key Facts
- The Shanghai Cooperation Organization summit included China, Russia, India, and Iran’s president.
- The summit called for creating a new development bank independent from countries that use economic tools for political gain.
- The US recently announced new sanctions against Iran.
- China buys 90% of Iran’s oil exports and uses “dark fleets” and small refineries to avoid US sanctions.
- China’s trade with Iran is mostly done in its own currency or as barter, making it hard for the US to enforce sanctions.
- Sanctioned Chinese companies often use shell companies to avoid penalties.
- China opposes foreign interference in its trade relations and has a history of resisting US economic pressure.
- China wants to protect its influence and energy supplies in the Middle East, where Iran plays a key role.
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