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China Approves Iran's Shipment of 3 Million Barrels of Oil, Raising $1 Billion Amid Sanctions

Jan 11, 2025, 04:30 PM

Iran has shipped nearly three million barrels of oil from a storage facility in China, marking the first time Beijing has approved such a move, according to a Wall Street Journal report. The oil, part of reserves stored in China since 2018 totaling at least 25 million barrels, was exported following discussions between Iranian and Chinese officials in late 2024. Reports suggest the shipment could generate up to $1 billion for Iran, with funds potentially being used to support allied militia groups in the Middle East, including those linked to the IRGC. The decision by China to allow the shipment comes amid ongoing U.S. sanctions targeting Iran's oil exports, which have complicated logistics and reduced overall exports to China. This development highlights Iran's efforts to navigate sanctions and raise funds through its oil reserves.