News Analysis In violation of U.S. sanctions, China has been purchasing Iranian oil. Now, the United States may lift the sanctions on Iran to replace oil lost from Russia, in which case China will have cheap oil from Russia. The United States is leading a collaborative effort among its allies to cut off Russia’s gas exports. This means that America must find a replacement for the 8 percent of its fuel imported from Russia, while Europe must find a replacement for roughly 30 percent of its energy imports. Consequently, the Biden administration is attempting to obtain oil from either Saudi Arabia, Venezuela, or Iran. Venezuela is unlikely to comply with the U.S. request, as President Nicolás Maduro is Russian President Vladimir Putin’s closest ally in the Americas. Additionally, the United States does not officially recognize Maduro as the president of Venezuela. On March 6, the Biden administration dispatched U.S. senior officials to …
China, Russian Oil, and the Iran Nuclear Deal
March 18, 2022
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