(A secret financial apparatus between Iran and China to drain oil and circumvent sanctions – Translated from: www.seyassah.com – March 27, 2021)
Iranian financial sources, whose information intersected with Western intelligence sources, revealed that Iran and China have recently established, particularly since the beginning of 2021, a secret financial and commercial apparatus known as “CHUXIN BANK”, with the aim of Enabling Iran to receive the proceeds of oil deals it exports to China, due to its inability to receive legal proceeds from its oil due to the US sanctions imposed on it since May 2018.
The sources added that the initial efforts to establish the aforementioned bank began in mid-2018, in order to enable the two countries, namely China and Iran, to circumvent the US sanctions, as the Chinese authorities deposit the proceeds of oil deals in this bank, and then they are used to pay Chinese parties in exchange for commercial deals between Iran and China, and so the money does not actually go out from China, indicating that working in this way serves the interests of China and Iran alike, as the latter is able to market itself away from US sanctions, while no evidence appears that Chinese banking entities have been involved in transferring the proceeds of deals. Oil to Iran.
She revealed that the establishment of the aforementioned bank came after intensive consultations by a number of Iranian delegations that hesitated to China, with the aim of crystallizing this mechanism in consultation with senior officials in the Chinese ministries of trade and foreign affairs, and a representative of the Central Bank of Iran, who was dispatched permanently to China for this purpose.
She added that Iran and China have always not drafted any official Chinese or Iranian documents documenting the work of the aforementioned bank, but according to informed financial sources, this bank operates as an independent financial entity, which enables it to deal financially with the Chinese authorities, and allows the possibility of opening bank accounts in order to deposit funds. And withdraw it when needed. It also enables Iran to operate this device by means of a financial transfer system similar to the “SWIFT” system, symbolized by CHUBCNBJ.
The sources also mentioned that Iranian importers have been directed to the aforementioned bank to finance their deals with Chinese exporters.
It quoted financial experts as saying that the mere existence of a device of this kind poses a danger to the Chinese banking system, as the payment and transfer mechanism does not comply with international standards and rules related to transparency required in the field of combating money laundering and terrorist financing, not to mention that the establishment of a financial system is fraudulent. Behind the scenes, it contradicts the reputation that China is trying to market for itself as a global financial and economic power, and even this poses a threat to the continuation of the international relations of financial institutions with the Chinese economic system.
She stated that about three billion dollars have been deposited so far in CHUXIN BANK in an account in the name of the Central Bank of Iran, in lieu of the oil deals that were mostly in exchange for Iranian oil that was imported by the Chinese company ZHUHAI ZHENRONG, noting that Iran has already started sending letters of credit to the aforementioned bank. To pay for business deals in China from money deposited in the bank, after I successfully completed a few test trade deals over the past year to confirm the payment method.
The sources concluded by saying that the timing of the operation of the aforementioned bank puts question marks about the possibility of changing the policy of the Chinese government, which is believed to have taken advantage of the opportunity to change the US administration, this policy, which is to deepen cooperation with Iran not only by establishing CHUXIN BANK but also in increasing the export of oil and its derivatives from Iran to China.
Meanwhile, and despite opposition from the Iranian street, Iranian Foreign Minister Muhammad Javad Zarif and Chinese Foreign Minister Wang Yi signed in Tehran yesterday the joint strategic cooperation treaty between the two countries, which the Iranian opposition describes as “the new Turkmenchai treaty”, in reference to the Turkmenchai Treaty between Russia. Tsarism and Qajar Iran in the nineteenth century, under which Iran ceded large areas of the Caucasus in favor of tsarist Russia.
The agreement signed for a period of 25 years includes cooperation in the political, economic and technical fields, as well as defense and military cooperation, including conducting joint military maneuvers, and also includes the development of Iranian airports and ports, the creation of new ports, the development of railways in Iran and the strengthening of infrastructure, and cooperation in the fields of Energy, oil and petrochemicals, and includes Chinese investments in Iran of $ 450 billion.
The agreement is not accepted by the Iranian people, as the opposition strongly rejects it, due to China’s domination of development plans, allowing the presence of 5,000 Chinese security forces on Iranian soil, as well as China enjoying a discount of up to 32 percent on its purchases of oil, gas and petrochemical products, with delaying payment. for two years.
Source » seyassah