“China’s commercial cooperation with Iran is open and transparent, reasonable and fair, not violating any United Nations Security Council resolutions,” a government statement in Beijing said. “China’s lawful rights should be protected.” Beijing buys around $15 billion worth of crude oil from Iran annually as Tehran’s top energy customer. Chinese state companies have also invested billions of dollars to develop oil fields in Iran.
The EU has warned that firms which stop doing business with Iran for fear of losing business in the US, as President Donald Trump threatened, could be sanctioned in turn by Brussels. DEBKAfile: The EU warning has little effect since the continent’s banking system and main industries have too much to lose by being shut out of the US.