President Trump announced on July 24 that Presidents Xi Jinping and Vladimir Putin assured him their countries would not sell weapons to Iran. This statement positions two of the world’s largest military powers as neutral parties in the escalating US-Iran standoff centered on the Strait of Hormuz. The Strait handles roughly a fifth of the world’s oil supply, making any escalation particularly sensitive for energy markets. Iran has historically been linked to crypto mining operations and the use of digital currencies to move value outside the traditional banking system and circumvent sanctions. Crypto markets are closely monitoring the situation, as actual restraint from China and Russia would remove a key friction point that could trigger aggressive US sanctions, while diplomatic theater could instead provoke severe retaliation.
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