Iran has created a number of companies in the UAE to circumvent sanctions and increase exports

By Rhod Mackenzie

Iran has set up a number of companies in the United Arab Emirates (UAE) to circumvent sanctions and increase its exports to China, according to the head of the Iran-China Chamber of Commerce, Majid Reza Hariri.
"Some of Iran's exports to the UAE continue on to China. Iran has set up a number of companies in the UAE to circumvent sanctions and increase its export volumes to China. This practice has also developed in imports, and the UAE is Iran's first import partner, while the UAE does not have no production, and in fact Abu Dhabi is an intermediary in the import of goods from China to Iran," ILNA quoted Hariri as saying.
Hariri estimates that the value of Iran's direct trade with China in the non-oil sector will reach $30 billion by March 2024. He also noted that Beijing and Tehran are working on the de-dollarisation of payments in trade transactions.
"A major portion of Iran's imports from China are now made in yuan, because with a significant volume of export-import transactions with China, it makes no sense to buy a dollar to sell goods to China and then buy Chinese goods for dollars," Hariri added.