Black money, smuggled oil and shoulder-fired missiles: China and Iran's "ghost fleet" exposed | Weekend special
An i24NEWS investigation exposes the Sino-Iranian "shadow fleet": ghost tankers transporting Iranian oil to China worth billions of dollars, funding the missile programs of the Revolutionary Guards, Hezbollah and the Houthis. According to the US Congressional Commission, $31 billion flowed from China to Iran in 2025. A Reuters revelation indicates an imminent shipment of nearly 400 Chinese shoulder-fired missiles to Iran.
An i24NEWS investigation reveals the mechanism of the Sino-Iranian "shadow fleet": old oil tankers that disable their tracking devices and transport smuggled Iranian oil to private refineries in China. According to estimates by the US Congressional Commission (USCC), $31 billion flowed from China to Iran in 2025 for oil that does not appear in official statistics. The money funds the missile programs of the Revolutionary Guards and the weapons arsenal of Hezbollah and the Houthis. According to Kpler, China imports 1.4 million barrels of Iranian oil per day. The US Financial Crimes Enforcement Network (FinCEN) warned that more than half of Iran's oil revenues in 2025 were allocated to the armed forces. The FDD revealed that Hezbollah raised $1 billion to rebuild its strength from the Revolutionary Guards, funded by Chinese refineries. A Reuters revelation reports an imminent shipment of nearly 400 shoulder-fired anti-aircraft missile launchers (MANPADS) of the Chinese-made QW-12 and FN-16 models to Iran, in a deal estimated at $70 million. The reports seemingly contradict Xi Jinping's promise to President Trump that China would not arm Tehran.