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The illicit Iranian oil hiding in plain sight

Financial Times Asia
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⚡ Quantum Brief
A March 2026 investigation reveals Iran is evading U.S. sanctions by disguising oil shipments as exports from other countries, primarily Iraq and Russia, using falsified documentation and ship-to-ship transfers. The scheme exploits loopholes in global tracking systems, with tankers turning off transponders near key chokepoints like the Strait of Hormuz to obscure origins before rebranding cargo mid-voyage. Analysts estimate Iran smuggled over 1.2 million barrels daily in early 2026, generating billions in unreported revenue despite tightened Western enforcement and secondary sanctions on buyers. Chinese refiners and Asian trading hubs remain primary destinations, leveraging opaque financial networks and shell companies to process payments outside SWIFT’s monitoring capabilities. The report highlights how quantum-resistant encryption in blockchain-ledger systems could disrupt such trade by enabling tamper-proof cargo tracking, though adoption remains limited amid geopolitical resistance.
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Source: Financial Times Asia

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