_Iranian president to be hosted in Qingdao next month as Beijing and Moscow-led bloc looks to protect business interests._As European companies react with trepidation to the Trump administrations efforts to blow up the Iran nuclear deal, pulling out of business deals in the face of looming sanctions, Chinese and Russian firms wait in the wings.

The Wall Street Journal took stockof some shifting sands in Irans landscape on Monday.

• Earlier this month, Chinese state oil giant Sinopec finalized a US$3 billion deal to develop an Iranian oil field previously coveted by Royal Dutch Shell. The British firm dropped negotiations on the deal in March, amid fears of a sanctions redux.
• China National Petroleum Corp may step in to snatch up French energy company Totals US$1 billion share of the South Pars natural-gas development project. CNPC is currently a partner with Totals partner in the project.
• Chinese firms already have long-standing investment relationships with Iranian firms in areas ranging from transportation to clothing, cookware and consumer electronics.
• Meanwhile, Russia has cautiously cultivated business ties business ties in Iran. Last year, Russias state oil company, Rosneft, agreed to US$30 billion in strategic deals in the sanctions-battered nation. Though few details have been confirmed.

Summit in Shanghai to bolster ties As Iran braces for the impact of restrictions that US Secretary of State Mike Pompeo said would be the strongest sanctions in history, the countrys president, Hassan Rouhani will make a trip to Qingdao, China for a powwow with leaders that hope to minimize the pain.

The meeting of the Shanghai Cooperation Organization in which Iran holds an observer member status will take place in mid-June and is expected to focus on avoiding disruptions in joint projects.The official announcementsaid that President Rouhani will make a working visit and participate in the SCO summit.

This article was first posted in Asia Times on May 29, 2018.