Forbes: China and Iran approach massive 400 billion dollar deal
Thu August, 2020, Age: 4 years
Forbes reports Beijing is said to be in the final stages of approving a $400 billion economic security deal with Tehran. This deal will be signed in direct violation of the US-imposed sanctions on Iran, which are aimed at deterring the nation’s nuclear ambitions. Since the reimposition of sanctions last May, China’s continued purchases of Iranian oil have been a lifeline for the economically battered country, which was also hard-struck by COVID-19 earlier this year. The bilateral relationship has ensured a steady supply of oil at extremely favorable rates for the PRC, which lacks its own fuel sources and has been the largest importer of oil globally for several years. The deal is rumored to include massive infrastructure investments, closer cooperation on defense and intelligence sharing, and further discounts on Iranian oil for China.