From Geopolitical Monitor
"And it’s not just China circumventing the West’s unilateral sanctions. Several analysts have tipped Turkey to be the financial conduit that is allowing Iran to maintain some of its financial connections with the Western world. The story goes that there has been an upswing of Iranian companies establishing subsidiaries in Turkey recently. These subsidiaries are presumably being used to launder transactions involving US currency, consumer goods, and anything else that has drawn the ire of EU sanctions. This sort of development should come as no surprise, as black markets tend to grow out of sanction regimes as surely as spring turns to summer. One recent case being the energy black market that grew out of the post-1993 sanctions that were imposed on Iraq."
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