Iran Uses Oil-for-Goods Scheme to Evade Sanctions with China

Iran has developed a barter-like scheme to circumvent sanctions on oil sales and purchase billions of dollars' worth of goods from China. Under this secret trade mechanism, Iranian oil is exchanged for credits to pay for Chinese imports.

The scheme has provided financial support to Tehran amid increasing economic and military pressure from the United States over Iran's nuclear program.

According to estimates, between $2 billion and $2.5 billion has flowed through this mechanism over the past year, with Iran using it to purchase medicines, vehicles, and military equipment from China.