The strategic relationship between Iran and China is of great importance to both parties, but their dependence on each other is not equal. China's illicit import of Iranian oil serves as a vital lifeline for Iran, particularly since the US withdrawal from the "Iran Deal".

This lifeline is made up of different dependencies, including oil and petrochemical imports, exports of crucial industrial equipment and raw materials, and access to Chinese financial system as a gateway to other markets. A significant portion of these transactions are conducted using Iranian front companies operating in China, on behalf of Tejarat Bank and its exchange.

Max Well Trading Co., Limited, a front company used to facilitate Iran’s international USD trade despite sanctions

Aglow Trade LTD – a UK based Iranian front company that operates financially using bank accounts set in Chinese banks

It is important to highlight that Iran is defined by the FATF (Financial Action Task Force) as a high-risk jurisdiction for money laundering and terror finance (“black list”). Hong-Kong is home to so many Iranian front companies, largely due to the ease of making USD, EUR denominated transactions without using U.S. or EUR bank correspondent. As The Economist explains: “(In Hong-Kong) USD CHATS, powered by accounts that banks fund with dollars, allows members to transact with each other in dollars without involving institutions in America”.

According to documents from Iran's Tejarat Bank and its subsidiary, Tejarat Exchange, there is evidence of a large number of active Chinese and Hong Kong- based front companies. The following table provides basic information about those front companies and their account details. The full set of documents supporting the use of these 66 front companies is available for download below.

Download the rest of the documents used for this article here .