Reuters reveals China’s CCPC takes center stage in Iran, Venezuela oil trade

Reuters revealed that a Chinese logistics firm has emerged as a central player in the supply of sanctioned oil from Iran and Venezuela, even after it was blacklisted by Washington two years ago for handling Iranian crude. The more prominent role of China Concord Petroleum Co, also known as CCPC, and its expansion into trading with Venezuela, have not previously been reported and highlight the limitations of Washington’s system of restrictions. Dependent on oil revenues to run their countries, Tehran and Caracas have since engaged in an elaborate game of cat-and-mouse with Washington to keep exporting crude, employing numerous techniques to avoid detection, including ship-to-ship transfers, shell companies and middlemen who operate outside the U.S. financial sphere.