Iran uses covert oil-for-goods channel with China
Reuters reports that Iran has built a covert barter-like channel with China that converts Iranian oil revenues into credit, routed through a little-known China-based entity called ChuXin and a special-purpose vehicle (SPV). The mechanism, active since at least 2021, reportedly moved about USD 2–2.5 billion in the past year and funded medicines, vehicles, communications equipment and at least one contract for air-defence equipment. The structure separates Iranian purchasers from Chinese manufacturers, helps China retain access to roughly 1.4 million barrels per day of Iranian crude in 2025, and complicates US and UN efforts to enforce sanctions and arms controls.
Iran converted oil sales into Chinese credits to bypass US sanctions
Context
The United States has tightened sanctions and warned countries to cut Iran ties. European powers triggered a snapback and a UN arms embargo returned in September 2025. Next steps could include more scrutiny or sanctions on entities linked…
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