The working assumption of the report is that it is Washington's responsibility - and that of its global allies - to better monitor and enforce sanctions. Bloomberg is essentially calling on American Empire to better enforce its stranglehold on the Islamic Republic. But this is precisely what President-elect Donald Trump is vowing to do when he enters the Oval Office in January.

Trump's pledged 'maximum pressure' campaign on Iran is likely to have huge repercussions for Beijing as well, given as the world's biggest buyer of oil China would face a squeeze on its flow of cheap Iranian crude to its shores. Iranian crude has been estimated to make up about 13% of its supply imports.

Trump's national security advisor pick, Mike Walz, has pledged to stop or greatly reduce Iran's petroleum revenue, which the US says will have positive benefits for the Ukraine and Gaza wars from a US policy perspective.

He said the incoming administration will strongly engage China toward reducing its purchases of Iranian oil. But the aforementioned Bloomberg investigation shows that business is booming.

"Forty miles east of the Malaysian peninsula sits the world's largest gathering point for dark fleet tankers. Aging ships, often operating under flags of convenience and without insurance, come here daily to transfer cargo away from prying eyes. It's how billions of dollars of sanctioned Iranian oil finds its way to China annually — even though the country, officially, hasn't imported a drop in more than two years," the report begins.