By Marie Zaragoza
Though previously stating that they would oppose any pressure from American sanctions, the China National Petroleum Corporation has pulled out of a $5bil natural gas deal with Iran. After continued resistance from Beijing, the U.S. Treasury imposed sanctions against Chinese actors that continued trade with Tehran in September. This move seems effective, as the average daily trade in oil between China and Iran has fallen to a third of the amount moving between the two countries before U.S. sanctions.
With its largest trading partner loosening ties, Iran faces growing worries of an economic slowdown. While the impacts are yet unknown, there is concern that it will only further incentivize Tehran’s abandonment of the nuclear deal.
Read the full story in the Wall Street Journal.