Atfirst blush, it looks like a beautiful marriage of ideological consistency and practical benefit. With its "principled" objection to the sanctions imposed by America and Europe because of Iran's assumed nuclear ambitions, China remains true to its long-held opposition to sanctions as a tool of foreign policy. More broadly, it can continue to harp on about its devotion to the principle of "non-interference" in other countries' affairs. Meanwhile, as Europe's ban on imports of Iranian oil takes effect, China, which accounts for over one-fifth of Iran's oil exports, can expect chunky discounts on the oil it continues to buy.
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