Economist Podcasts Refine and dandy: Iran’s war bounty
90 snips
Mar 31, 2026 
Rachana Shanbhogue, business editor covering global companies and markets, tracks Iran’s shadow oil trade and the risky importance of Kharg Island. Kira Huju, Asia correspondent, visits India’s fading Maoist strongholds and the tensions left behind. Hamish Clayton, culture writer, explores the overlooked world of theatre understudies and why they are suddenly getting attention.
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Iran's Oil Income Rose Despite War Pressure
- Iran is earning nearly twice as much from oil as before the war despite sanctions and the Hormuz disruption.
- Rachana Shanbhogue says exports stayed near 2.4 to 2.8 million barrels daily while stranded global supply lifted prices.
Iran Built A Three Layer Sanctions Dodge
- Iran's sanctions-evasion machine spans rival state bodies, front companies, and shipping fraud rather than one central channel.
- Sales run through groups like the IRGC, while tankers spoof locations, steal credentials, and forge documents to move crude from Kharg Island.
Chinese Buyers And Shadow Banks Keep Oil Flowing
- China, especially small teapot refiners, is the main buyer keeping Iranian oil sales alive, with opaque banking routes handling payment.
- Money flows through disposable trust accounts at small Chinese banks and shell companies, then reaches places like India, Kazakhstan, and Turkey.