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China’s About to Buy a Lot More Russian Oil and That’s Bad News for Iran

by Eric Olander

Iran’s once steady business of selling large quantities of oil to China’s independent refineries may soon become the latest casualty of Russia’s invasion of Ukraine. 

For years, China provided Iran a vital cash flow by supplying the Chinese with as much as 7% of their total oil imports. Much of that oil was laundered through transshipments via Oman, the UAE, and Malaysia among other countries, circumventing U.S. sanctions.

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