China and Iran, both subject to US sanctions, signed a 25-year cooperation agreement in Tehran on Saturday.
Because it is important: China agreed to invest $ 400 billion in Iran’s economy during that time period in exchange for a steady and heavily discounted supply of oil from the country, according to a draft of the deal obtained by the New York Times.
What they are saying: “The relations between the two countries have now reached the level of strategic partnership and China seeks to comprehensively improve relations with Iran,” said Chinese Foreign Minister Wang Yi, according to Reuters.
- “Our relations with Iran will not be affected by the current situation, but they will be permanent and strategic.”
Thought bubble, via Bethany Allen-Ebrahimian of Axios: Iran has become increasingly dependent on China, which has offered it a rare economic lifeline amid heavy US sanctions.
The panorama: The deal may deepen China’s influence in the Middle East and undermine US efforts to keep Iran isolated due to the unresolved dispute over Tehran’s nuclear program, according to the NYT.
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