The Intelligence from The Economist Refine and dandy: Iran’s war bounty
42 snips
Mar 31, 2026 
Hamish Clayton, a theatre and arts writer, on understudies, their pay and backstage pressures. Kira Huju, an Asia correspondent, on India’s fight with Maoist insurgents and life in former rebel areas. Rachana Shanbhogue, a business affairs editor, on how Iran evades sanctions to sell oil and who profits from rising prices.
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China's Teapot Refineries Keep Demand For Iranian Oil
- China is the primary buyer and small refiners absorb most crude quietly.
- Shanbhogue says about 90% of Iran's oil goes to Chinese teapot refineries, paid into disposable trust accounts at small banks to evade US sanctions.
Opaque Payment Chains Hide Who Benefits
- Payments use opaque chains to launder proceeds into third countries and state actors.
- Shanbhogue describes disposable trust accounts, shell companies and transfers that route money to China, India, Kazakhstan, Turkey and the IRGC.
Oil Money Fuels The Revolutionary Guard
- Most proceeds appear to fund Iran's Revolutionary Guard and the war effort.
- Shanbhogue says the IRGC and defence ministry emerge as ultimate beneficiaries of a dense, increasingly opaque network.