How China Undercuts the U.S. in Iran

The White House has entered talks with Iran over a new nuclear deal, relying on a traditional strength: the promise of sanctions relief and access to some of roughly $100 billion in frozen assets.

Yet, that leverage is waning. Tehran has blunted the U.S. sanctions campaign in recent years by successfully using China’s financial architecture—built on the yuan—that operates beyond Washington’s reach...

Photo caption: “Two tankers made a transfer of Iranian oil off the Malaysian coast last year. UNITED AGAINST NUCLEAR IRAN/AP”