Chinese refiners continue receiving roughly 1.2 million barrels of Iranian oil per day, barely changed from last year.

Intelligence summary

Chinese refiners continue receiving roughly 1.2 million barrels of Iranian oil per day, barely changed from last year. The trade uses elaborate evasion methods including ship-to-ship transfers near Malaysia and payment in Chinese currency or crypto. But Washington conspicuously avoided sanctioning major Chinese banks or financial institutions, a sign it is reluctant to jeopardize the fragile US-China truce ahead of Xi Jinping's expected visit to the US next month. Source: NYT