Iran creates numerous companies in UAE to circumvent sanctions

Iran has founded a number of companies in the United Arab Emirates (UAE) to circumvent sanctions and increase exports to China, the head of the Iran-China Chamber of Commerce, Majid Reza Hariri, said, Report informs via Iranian media.

“Part of Iranian exports to the UAE goes further to China. Iran has created a number of companies in the UAE to circumvent sanctions and increase export volumes to China. This practice has also developed in imports. The UAE is Iran’s first import partner, though the UAE does not production industry and in fact, Abu Dhabi is an intermediary for the import of goods into Iran from China,” he said.

Hariri estimates that the value of Iran's direct trade with China in the non-oil sector will reach $30 billion by March 2024. In addition, he noted that Beijing and Tehran are working on de-dollarization of payments in trade transactions.

Hariri added some of Iran’s imports from China are now paid for with yuan.