Around 90% of Iran’s oil exports go to China — Ken Cao

Around 90% of Iran’s oil exports go to China. Why? It’s cheap and it can be settled in RMB, bypassing the U.S. dollar system entirely.

Iran gets yuan, then spends most of it buying Chinese machinery, electronics, and industrial goods. The money flows right back to Beijing.

Much of that Iranian crude even enters China labeled as “Malaysian blended oil.” On paper, it’s Malaysia. In reality, it’s Iran.

To dodge U.S. sanctions, China keeps its major banks away from the deals. Instead, transactions are routed through smaller institutions like Kunlun Bank — controlled by CNPC and based in Xinjiang.

It’s a sanctions workaround, a currency experiment, and a geopolitical lifeline all rolled into one.

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This is surely a major piece of the war with Iran puzzle. ABN