No Oil Money Blocked in China, Says Iran-China Chamber Head

TEHRAN (Iran News) Majid-Reza Hariri, President of the Iran-China Chamber of Commerce, told ILNA that overall trade between Tehran and Beijing reached $65 billion last year, including oil exports, marking a steady upward trend in economic ties.

“Even with sanctions acting as a major obstacle, our trade with China has been expanding,” Hariri said. “If we account for indirect trade conducted via the UAE due to sanctions, the real figure is even higher.”

Hariri compared the current level with past years, noting that in 2014 and 2015—during the implementation of the JCPOA—trade with China, including oil, stood at about $51.8 billion.

According to Hariri, of the $65 billion trade volume, $30 billion came from Iranian oil exports to China. Non-oil exports reached about $16 billion, while Chinese exports to Iran were under $20 billion.

“In total, Iran’s exports to China exceeded $40 billion, which means that when oil is included, the trade balance has consistently been in Iran’s favor,” he explained.

Responding to speculation that Iranian oil revenues are withheld in China, Hariri firmly rejected the claim.

“Last year, about $24 billion was allocated for importing medicine and food at the government-set exchange rate, and this was funded by oil sales. Apart from China, to whom else are we selling oil? Clearly, the Central Bank receives the money,” he said.

Hariri clarified that the real challenge lies in non-oil exports: “The payments for non-oil exports to China are being routed through Dubai, forcing Iranian importers to repurchase dirhams and convert them again to pay for Chinese goods. We want this revenue to remain in China for direct use in imports, but this is not happening.”

He also noted that food and medicine imports into Iran come from various countries, not just China, pointing to soy meal and edible oils sourced elsewhere.

Hariri stressed that revenues from non-oil exports—mainly petrochemicals, refined oil products, natural gas, and mining commodities such as copper concentrate—are also safe: “If the Chinese side does not pay, shipments will not be loaded for export.”

Asked about the potential impact of reactivating the UN “snapback” mechanism, Hariri said it was too early to judge. “Oil Money”

“So far, China’s official stance has been clear. Over the past two months, Chinese officials have publicly reiterated more than five times that Beijing does not recognize or comply with unilateral U.S. sanctions. The Chinese ambassador again confirmed this position,” he stated.

Hariri pointed out that UN Security Council resolutions against Iran target the nuclear and missile sectors rather than trade, and their main effect is psychological. “The key is how well we can neutralize this psychological impact,” he said.

The Iran-China Chamber is preparing to send two major trade delegations to China in the coming months, Hariri added.