US Sanctions Continue to Backfire: China Opens $10 Billion Credit Line for Iran

‘Assisting Tehran with sidestepping an ongoing Washington sanctions regime against the country, China has opened a $10 billion line of credit intended to finance energy, transportation, water and other key Iranian infrastructure projects.
Following the ground-breaking 2015 Joint Comprehensive Plan of Action (JCPOA) between Iran and Russia, the US, China, France, the UK, as well as Germany and the EU, to end its nascent nuclear weapons program, Tehran — in honoring the terms of the unprecedented treaty — has nonetheless seen Washington implement a host of new sanctions against the Middle Eastern country, including asset freezes and limits on global financial transfers.
According to Iranian Central Bank President Valiollah Seif, Chinese state-owned CITIC investment company has opened a $10 billion credit line to several banks in Iran to be used to fund wide-ranging infrastructure projects in the country, according to a report by the Times of Israel.’
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