WikIran exposes the Radin Exchange, another prominent player enabling international trade ranging from oil exports to the import of essential goods and advanced missile components.

The Iranian trade ecosystem heavily relies on a wide network of front companies designed to bypass sanction, while facilitating transactions on behalf of Iranian traders, exchange houses and banks. With China remaining Iran's largest trading partner, front companies remain critical infrastructure, acting not only as conduits for bilateral trade between the countries but also as gateways for importing goods from third countries to Iran.

An in-depth review of Radin Exchange's internal documents, WikIran's team identified 26 Chinese-based Iranian front companies, representing approximately one third of all front companies referenced in the database. Most of these companies maintain US dollar-denominated accounts.

Radin Exchange's preferred Chinese financial institutions include Zhejiang Chouzhou Commercial Bank and Bank of Jinhua, both of which appear repeatedly in the transactions records.

An example of a payment of $560,056 issued by Straight Click Trading LLC, a Radin's front company, to Shikai Trading Co., Limited, another front company operating on behalf of the Iranian company Qaqnus Blend Parvaz Paitakht Kish.

The corresponding proforma invoice for the same amount reveals a common tactic used by such front companies: It is issued with a blank customer field and a generic product description ("steel billets" here), in a deliberate obfuscation designed to mask the true nature of the goods.

The following table provides basic details on these front companies, including their names, account information and associated banks.