Top 5 countries agreed to pay $2 Million in Chinese Currency to Iran for Passes through the Strait of Hormuz

Recently, it has been reported that the war between Iran and the US has been going on for almost 22 days, due to which the top industrial, economic, financial, and government assets ot foreign interests of the entire world have suffered huge losses. Due to which all the countries have taken the help of Chinese Yuan for the security of their assets, interest, foreign business, import/exports, due to which it is said that now BRICS and Non-Countries are also using Chinese $CNY and Yuan to pass through the Strait of Hormuz of Iran, due to which Chinese Yuan Dominance is increasing in the countries across the world.

The US-Iran conflict, which escalated into open war starting around February 28, 2026 (involving joint US-Israeli military operations against Iran), has severely disrupted global oil shipping, particularly through the Strait of Hormuz. This narrow waterway handles about 20% of the world’s oil and significant LNG flows. Iran has effectively blockaded or heavily restricted it by declaring it closed (initially to US/Israel-linked traffic but broadly impacting all), launching direct attacks on commercial vessels (including oil tankers), using drones, missiles, fast boats, and threats of mining.

Iran blocks the Strait of Hormuz and begins strikes on US-israeli linked Oil and Gas or Commercial ships in the Strait of Hormuz.

Iranian attacks on tankers — Since the war began, at least 20 commercial vessels (many oil tankers) have been attacked in the Gulf and near the Strait of Hormuz. Notable incidents include:

• Strikes on the US-owned Safesea Vishnu (Marshall Islands-flagged crude tanker) and the Thai-flagged Mayuree Naree around March 11.
• Iran claimed responsibility for hitting a US-linked tanker in early March, with videos showing explosions.
• Attacks have involved missiles, projectiles, and explosive boats, reducing daily transits from ~138 ships to just a handful or “dribble” in recent days.

US military responses — The US has targeted Iranian assets to counter the blockade:

• Destroyed dozens of Iranian mine-laying vessels (e.g., 16+ in one operation, up to 44 reported).
• Conducted strikes on military facilities on Kharg Island (Iran’s main oil export hub) on March 14, but avoided damaging oil storage tanks (all 55 remain intact per satellite imagery).
• Provided political risk insurance for maritime trade and discussed (but not fully implemented) Navy escorts for tankers.

Trump administration actions on oil supply — To ease soaring prices and supply pressures:

• Issued a temporary 30-day waiver (announced around March 20–21, effective until April 19) lifting sanctions on Iranian oil already loaded on tankers at sea (potentially unlocking ~140 million barrels for global markets, mainly to Asia).
• President Trump urged tankers to resume using the Strait, claiming US forces had neutralized threats (e.g., “took out all of their mine ships in one night”).
• Issued a 48-hour ultimatum to Iran on March 22: Reopen the Strait or face US strikes on Iranian oil facilities. Iran responded by threatening attacks on key Middle East infrastructure (e.g., desalination plants, Gulf energy assets).

Current status of the Strait — Traffic remains severely limited due to ongoing risks (drones, missiles, mines), high war risk insurance, and insurer caution. Some tankers (including select Iranian ones) have begun transiting in small numbers to supply markets like India and China. US officials note gradual increases but warn reopening fully could take time and more direct action. Oil price impact — Prices surged dramatically (Brent crude topped $100+ at peaks, up 50%+ since late February), contributing to higher global energy costs and US gasoline spikes (50+ cents/gallon reported). Recent waivers and hints of de-escalation have caused some volatility and pullbacks.

Massive amounts of Iran’s and Russia’s oil and gas are reported due to the blockade of the Strait of Hormuz.

So due to all this, the top 5 countries like Japan, India, South Korea, Thailand, and BRICS+ countries are converting USD into Yuan and sending their exports/imports to Dubai through the Strait of Hormuz of Iran and doing business. Apart from this, Russia and Iran are also selling their oil and gas through the Strait of Hormuz at discounted prices so that they can earn profits worth billions of Yuan or Ruble in the future because after the blockade of the Strait of Hormuz, the oil and gas exports of OPEC+ countries like Saudi Arabia, Kuwait, Iraq, Syria, Oman, Qatar and Bahrain have fallen by almost 80% and on the other hand, Iran has also caused huge damage to the oil, power and energy economic fields of the GCC countries. It has been reported that Iran and Russia are now taking advantage of the Strait of Hormuz blockade and are selling all their oil, gas, and energy stocks to many countries of the world.

Top 10 Countries by Crude Oil/Petroleum Imports from Iran, Russia, and OPEC+

1. China — ~11.1 million barrels per day (mb/d) in 2024; ~$324.6 billion in value (largest global share).
2. United States — ~6.6–8.5 mb/d (gross imports, though a net exporter in some contexts due to production).
3. India — ~4.7 mb/d; significant growth in recent years.
4. South Korea — ~2.7 mb/d.
5. Japan — ~2.5 mb/d.
6. Germany — ~1.5–2 mb/d (heavily reliant post-energy shifts).
7. Netherlands — Significant hub for re-exports, but high gross imports.
8. Spain — Around 1.2 mb/d.
9. Italy — Around 1.2 mb/d.
10. Thailand or the United Kingdom — Varies by year, often in the top 10 by value.