Politics, Geopolitics & Conflict China has formalized a barter-style framework with Iran in which crude oil is exchanged for infrastructure projects (from rail lines and ports to industrial works) rather than cash. The volumes involved are substantial: Beijing already imports an estimated 1.4 to 1.6 million barrels per day of Iranian crude, much of it under disguised labels. The new structure secures long-term supply while insulating both sides from dollar clearing and direct sanctions exposure. This arrangement does not fall outside U.S. sanctions…