Overview

• Current and former Western officials describe a covert workaround that settles Iranian crude sales to China through infrastructure projects instead of cash.
• The mechanism allegedly relies on Sinosure and a little-known entity called Chuxin that operate outside formal banking networks.
• About $8.4 billion reportedly moved through the channel last year to finance Chinese-led construction in Iran.
• U.S. Energy Information Administration data show Iran exported roughly $43 billion in oil in 2024, with about 90% reportedly destined for China.
• The Wall Street Journal first detailed the arrangement, which underscores enforcement challenges for U.S. sanctions and a tightening China–Iran economic relationship.