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Source: https://edition.cnn.com/2022/05/27/business/russia-iran-oil-rivalry-mime-intl/index.html
Ukraine War Threatens Iranian Oil Sales to China
(CNN) Nadeen Ebrahim - The war in Ukraine has two pariah oil-exporting nations competing for the same buyers. China has been Iran's number one oil buyer for the past two years, but as European diplomats try to reach consensus on halting Russian oil imports, depriving Russia of its biggest oil market, Russia may have already started biting into that share. Experts say Iran's sales to China have fallen by more than a quarter since Russia launched its invasion of Ukraine in February, along with an increase in Russian exports to China. As Chinese buyers purchase less and ask for bigger discounts, Iran might lose vital foreign currency revenues, said Amir Handjani, a fellow at the Quincy Institute for Responsible Statecraft. Russia offers China cheaper barrels, a higher grade of oil, and none of the threats of Iran-related secondary U.S. sanctions.