Time to turn the screws even harder…
Desperate Iran May Turn to China for Help as Beijing’s Oil Purchases Plummet
The collapse of the rial currency and the looming threat of U.S. oil sanctions, scheduled to take hold in November, are reportedly leading Iran to turn to China for help keeping their economy afloat. A report Thursday suggests that China, itself struggling amid U.S. tariffs, may not be looking to save Iran and is diminishing its imports of Iranian oil.
The Associated Press (AP) noted in a report Wednesday that shoppers in Tehran’s Grand Bazaar have become accustomed to an influx of inferior Chinese products replacing the Western imports they became accustomed to as sanctions began to bite.
“From Chinese goods flooding markets to its business people eager for deals as Western business interests flee, Iran likely will further embrace Beijing as an alternative market for its crude oil and financial transactions amid uncertainty over the nuclear deal,” the outlet concludes. It cites several experts, including Peter Harrell, a fellow at the Washington-based Center for a New American Security, who predicts that, as plenty of Chinese companies do not have a full open avenue to American trade, “Iran is going to be able to continue large quantities of trade there, assuming the Chinese government lets that happen.”