Free Republic

China warned that it would “take all necessary measures” and retaliate against the US if any of its companies are included in the Trump administration’s new secondary sanctions targeting Iran.Companies based in Hong Kong and mainland China were among the entities targeted by the US after Treasury Secretary Scott Bessent announced “Operation Economic Outcast” on Monday to further isolate Iran. The US, however, stopped short of listing large Chinese financial institutions, with Beijing — Iran’s largest oil buyer — warning that it will do whatever it takes to protect its economic interests. *** “China has made clear on many occasions...

A wide spread scale over the secret network used to move Iran's oil revenues around international sanctions has [received] criticism. Senior officials have discovered that [corrupt intermediaries] have misappropriated at least $1.6 billion, with some fleeing the country. The controversy has expose the unofficial network of so-called trusts: companies and intermediates entrusted with receiving and transferring oil revenues outside the international banking system. Speaking on state television on Sunday, the head of Iran's State Inspection Organization, Zabihollah Khodaeian, said one intermediart alone had failed to return $200 million in state funds before leaving the country. Khudaeian added that judicial authorities...