Iran

Policy & Legal Updates

Investigation Details Parsian Exchange Moving Millions in UAE Dirhams and Yuan

An investigation by Iran International based on leaked documents reveals that US-sanctioned Bank Parsian used its foreign-exchange arm, Parsian Exchange, to move funds abroad via intermediaries between November 2022 and May 2023. Leaked instruction letters directed roughly $36 million in UAE dirhams, Chinese yuan, and US dollars to overseas bank accounts designated by Iranian importers. The transactions utilized Iranian export proceeds held overseas to obscure ties to sanctioned Iranian institutions.

Industry News

Chinese Independent Refiners Boost Iraqi and Qatari Crude Purchases as Iranian Flows Drop

Chinese independent refiners have increased imports of crude from Iraq and Qatar for October and November delivery to replace dwindling Iranian supplies. Private refineries purchased between 15 million and 20 million barrels of Gulf crude through major international trading houses. Delivered cargoes commanded premiums ranging from $12 to $20 per barrel above ICE Brent.

China–UAE News

China Navigates Middle East Energy Security and Tanker Corridors Amid Regional Conflict

China is managing complex diplomatic and commercial balancing acts to protect vital Middle East oil routes as disruptions affect the Persian Gulf and Red Sea. While maintaining public neutrality, Beijing has engaged in private efforts to keep crude flowing from Gulf partners, including the UAE and Saudi Arabia. China remains one of the UAE's largest crude destinations, second only to Japan.

Industry News

US Mulls Iran Moves Amid Hormuz Shipping Standoff and Aramco Strikes

China Daily reported that the United States is evaluating follow-up military strategies regarding Iran following a reported Camp David meeting, as Iran enforces a shipping blockade in the Strait of Hormuz. Iranian media reported that seven oil tankers were targeted in the waterway over five days, while Yemen's Houthi group claimed missile and drone attacks on Saudi Aramco oil facilities in Riyadh and Khurais.