Iran’s Chinese Security

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By Rudi Filapek-Vandyck

There is an ‘oil connection’ wherever one looks these days. The Iran-uranium saga, which is keeping part of the globe on the edge of their seats, also has a clear oil connection from Tehran to Beijing – Iran is an important oil exporter to China.

Dennis Gartman reminds us in his latest newsletter that China is believed to buy in more than 10% of its total crude oil from Iran, with some estimates running up as high as 11.5% of total Chinese crude imports.

The twist in this story is that the Chinese, being a permanent member of the Security Council, simply cannot afford to have such a large part of their imports embargoed’, or even delayed, slowed down, or whatever.

Question: what are the chances China will be prepared to use its veto if it cannot otherwise stop sanctions against Iran

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