China ramped up its purchases of cheap Iranian crude last month after independent refiners were granted additional import quotas for 2021. The nation imported almost 18 million barrels in November, equivalent to about 600,000 barrels a day, according to market intelligence firm Kpler. US officials have reportedly threatened to enforce sanctions targeting Chinese firms over these Iranian oil sales.
Iran is also seeking Moscow's support, with Raisi visiting Russia soon. The two countries are expected to sign a 20-year cooperation agreement to boost trade and military ties. Reports said this could lead to aerospace purchases and other items, such as new jets and technology, the SCMN concluded.
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