The tough financial confrontation between the US and China now turns to black gold. As of November 4th, the United States plans to ban the purchase of Iranian oil and all transactions with the Central Bank of Tehran and financial institutions that violate these sanctions will lose access to dollar-based payment systems.
Beijing is preparing to challenge the US. Lu Kang, spokesman for the Chinese Foreign Minister said that “China and Iran are friendly countries, we maintain ordinary trade and cooperation based on their respective obligations in the context of international law, including the fields of economy, trade and 'power. All this is completely indisputable ”.
China, which is by far the world's largest importer of Iranian oil, with a daily average of around 650 barrels per day between November 2017 and April this year, to avoid transactions using the US currency, launched last March. , its yuan-denominated oil futures as it did in 2012 when Tehran was subjected to sanctions similar to those that will go into effect at the end of the year.