Part 3/12:
Iran's illicit oil trade with China is a longstanding aspect of their relationship, with Chinese companies purchasing over 90% of Iran’s exports last year, often paying at steep discounts under international sanctions. Traditionally, these transactions are conducted in Chinese currency, allowing profits to be used to buy Chinese goods. However, the recent reports suggest a shift toward exchanging oil directly for military hardware, signaling an even more alarming dimension to their partnership.