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2024: WSJ: How US sanctions created a global shadow economy

At the end of May 2024, the publication WSJ published the results of the investigation, showing how unprecedented financial and trade sanctions USA against,,, Russia, and Iran Venezuela North Korea China other authoritarian regimes led to the creation of a global shadow economy.

According to the researchers, Western sanctions and export controls have inadvertently become the basis for the formation of new trade ties, and now the bloc of countries under sanctions has formed its own powerful economy, allowing you to trade anything from drones and missiles to gold and oil.

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The representative of the Chinese Embassy in Washington, Liu Pengyu, considers Beijing's policy legitimate: "China carries out ordinary trade exchange on the basis of the principles of equality and mutual benefit. Trade with these countries is legal under international law, which means it should be respected and protected. "

As part of the new economic union, China receives oil from the three largest OPEC countries - Russia, Iran and Venezuela - at a significant discount. This is an extremely successful deal for the world's largest oil importer, which last year purchased more than 11 million barrels of oil per day. In turn, oil-producing countries receive income that can be used to buy goods from China, the import of which from other countries has become impossible. Chinese and Russian customs data show that China has given Russia access to priority dual-use goods, that is, products that have both civilian and military uses. At the same time, the countries that have fallen under the sanctions use the Chinese currency and Chinese payment systems, which limits the access of the Western authorities to financial data and prevents monitoring compliance with the sanctions^[1]

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