Info:
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;
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;
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. 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;
Also Known As:
Chuxin
Involved In:
Banking Sector
Established:
2018
Country:
China
Reason for the color:
» A secret financial apparatus between Iran and China to drain oil and circumvent sanctions;