The hard financial confrontation between the US and China now moves to black gold. In fact, from the upcoming November 4 the United States plans to ban Iranian oil purchases 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 are preparing to challenge the US. Lu Kang, spokesman for the Chinese Foreign Minister, said that “China and Iran are friendly countries, we maintain ordinary exchanges and cooperation based on their 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 about 650 thousand barrels per day between November 2017 and April this year, to avoid transactions using the US currency, launched last March , its oil futures denominated in yuan as already done in the 2012 when Tehran was subject to sanctions similar to those that will come into force at the end of the year.