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China and Iran signs $400 billion deal

Google News

A large-scale agreement between China and Iran on investment in exchange for oil supplies is described by The New York Times, citing Iranian media.

According to the publication, Beijing has pledged to invest $400 billion in the Iranian economy over 25 years — on a scale comparable to Iran's GDP. In exchange, Tehran guarantees its partners a stable supply of oil-presumably with serious discounts.

As The New York Times notes, it is the US sanctions that can become the main obstacle to the implementation of the new deal. It is the investment and cooperation with Iran that has become one of the reasons for the US pressure on the giant Huawei. In the future, Chinese companies may be cautious about working with Iranian partners.

Hishammuddin Athena, the chief adviser to Iranian President Hassan Rouhani, has already called the deal “an example of successful diplomacy” that will allow the country “not to remain in isolation.” Chinese Foreign Minister Wang Yi said that Beijing fully supports Iran's sovereignty and calls on the United States to immediately lift sanctions against the state.

So far, neither Iran nor China has released the terms of the agreement signed at the weekend.

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