India's trade with Tehran has cratered since 2018 after US sanctions were reimposed on the West Asian country, and China has stepped into the resulting vacuum.
Mumbai-based Tibalaji Petrochem Pvt. Ltd. sanctioned for importing 'millions of dollars' worth' of petrochemical products from Iran and exporting them to China.
China’s commitments seemingly have various ‘strategic exits’ to safeguard both its investments and geopolitical state of play regionally and internationally.
The move would leave Iran isolated from the global financial system. Earlier rounds of US sanctions have crushed its economy by curbing oil sales and most other trade.
After dominating India’s crude imports since 2023, Russian supplies slowed amid US sanctions, but a 30-day ‘waiver’ amid West Asia tensions could now push flows back towards 2 mbpd.
Trump has ushered in the age of humiliation. His method is to push around America’s friends rudely and publicly. He knows none of them can afford to fight back.
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