The available evidence points to the fact that the USD 400 billion credit line between Iran and China has gone into operation, according to Chairwoman of the Money and Capital Market Commission of Tehran’s Chamber of Commerce Farial Mostofi. She added that the credit line has allowed Chinese investors to undertake projects in Iran without bidding.

On the French proposal for a USD15 billion credit line for oil purchases from Iran, Mostofi said the plan will grind to a halt if US refuses to authorize France to implement the credit line. The chairwoman suggested that France could still create the USD 15 billion credit line between the central banks of the two countries should US refuse permission for the plan.

Iranian Oil Minister Bijan Namdar Zanganeh, though, believes that Iran will go into debt if it receives the USD 15 billion credit, she added. Paris has put forward a USD 15 billion credit line for oil purchases from Iran until year-end in order to convince Tehran not to take the next step in reducing commitments under the nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).

French Foreign Minister Jean-Yves Le Drian says talks on the credit arrangement, which would be guaranteed by Iranian oil revenues, are in progress, but approval from US would be crucial.

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