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Iran has been supplying China with oil in blatant breach of US sanctions for more than a decade.
This is another example of the current contest between China and the US being fought via proxies...with Iran supporting numerous groups in the middle east opposed to Israel which is backed by USA.
China can now offer almost compete supply chain support and commodities market for any nation seeking (or forced to) to break free from US hegemony.
Trump has taken out Venezuela and the Panama canal from Chinese control- Iran is next on his target list.
Then Russia.
How will this all play out?