Tehran—China and Iran have agreed on an investment deal for China to pay back $17 billion of its oil debt to Iran, which has lost access to its oil export earnings because of western banking sanctions, a prominent member of the Iranian parliament said on Monday, quoted by students’ news agency ISNA. “The Chinese owe Iran $22 billion in oil money and it is not possible to transfer the money because of the sanctions and the barriers in the banking system. But it doesn’t mean that the money has been blocked,” Hossein Sobhani-Nia said, quoted by ISNA.
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