Rory Jones
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Mideast correspondent for @WSJ in Dubai. Frequent twit, infrequent tweeter.
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Articles by Rory Jones
WSJ ⟩ USA katsub kägistada Iraani majandust. Uurime, kuidas neil hing sees püsib
THE WALL STREET JOURNAL TELLIJALE Artikli sisu pärineb partnerväljaandest The Wall Street Journal. Valuutavahetaja 17. augustil Teheranis riaalide vastu dollareid pakkumas. Foto: Majid Asgaripour / via REUTERS Loe kokkuvõtet Trumpi administratsioon on käivitanud Iraani finantsiliseks pitsitamiseks operatsiooni Economic Outcast ehk «majandusheidik» ning üritab islamirežiimilt järeleandmisi välja pigistada.
米の経済圧力、イランが耐え抜く5つの方法
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://jp.wsj.com/articles/the-u-s-is-trying-to-strangle-irans-economy-heres-how-tehran-is-surviving-4927ad71
The U.S. Is Trying to Strangle Iran’s Economy. Here’s How Tehran Is Surviving.
The U.S. Is Trying to Strangle Iran’s Economy. Here’s How Tehran Is Surviving. Floating oil tankers, Chinese buyers and shell companies help Tehran evade sanctions The Trump administration launched “ Operation Economic Outcast” to squeeze Iran financially and try to force the regime into concessions to end the conflict in the Middle East. Washington is warning world leaders to …
The U.S. Is Trying to Strangle Iran’s Economy. Here’s How Tehran Is Surviving.
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The U.S. Is Trying to Strangle Iran’s Economy. Here’s How Tehran Is Surviving.
The Trump administration launched “Operation Economic Outcast” to squeeze Iran financially and try to force the regime into concessions to end the conflict in the Middle East. Washington is warning world leaders to stop doing business with Iran and threatening to cut companies from the U.S. financial system should they do so. The U.S. is simultaneously blockading Iranian ports, choking off the regime’s primary financial lifeline. Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved.
米の対イラン制裁拡大、中国を直接標的とせず
Bessent Threatens New Sanctions on Countries in Business With IranPlay video: Bessent Threatens New Sanctions on Countries in Business With Iran
美国向伊朗施压，但未将其最大生命线中国作为目标
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.
US squeezes Iran but avoids targeting its biggest lifeline: China
The U.S. launched what it described as an unprecedented campaign to cripple Iran's economy by cutting off “every remaining lifeline” sustaining the country. Yet unmentioned in Scott Bessent's speech announcing “Operation Economic Outcast” was the country that has enabled Iran to withstand years of American pressure: China.
U.S. Squeezes Iran but Avoids Targeting Its Biggest Lifeline: China
The U.S. launched what it described as an unprecedented campaign to cripple Iran’s economy by cutting off “every remaining lifeline” sustaining the country. Yet unmentioned in Scott Bessent’s speech announcing “Operation Economic Outcast” was the country that has enabled Iran to withstand years of American pressure: China.
富途遭中国政府整顿，亿万富豪李华事业受阻
李华(Leaf Li)表示，他的灵感来自嘉信理财(Charles Schwab)。这位中国亿万富豪2012年创办了自己的经纪公司，目标很简单：将股票投资带给亚洲大众。 不到十年时间，他建立了一家业务横跨中国内地、香港、亚洲其他市场和美国的公司。与他的美国偶像一样，李华的业务重心也从单纯的交易转向通过公募基金和咨询服务来管理客户财富。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
This Billionaire Became China’s Charles Schwab. Then Beijing Cracked Down.
Leaf Li’s brokerage has become a central target in the government’s campaign to control the flow of Chinese money offshore A Futu storefront in Hong Kong. Lam Yik/Bloomberg Leaf Li said his inspiration came from Charles Schwab. The Chinese billionaire started his brokerage in 2012 with a simple goal: bring stock investing to the Asian masses.
This Billionaire Became China’s Charles Schwab. Then Beijing Cracked Down.
Now This Billionaire Became China’s Charles Schwab. Then Beijing Cracked Down. Israel Rejects Next Phase of Trump’s Gaza Peace Plan Alleged Irish Crime Boss Extradited From U.A.E., Ending Yearslong Hunt Spain Has a Simple Explanation for Why Migrants Flooded Across Border Trump Thought Opening the Strait …
中国富豪借离岸架构积累财富的时代正在终结
几十年来，中国科技企业的创始人和投资者利用设在避税天堂的空壳公司在海外上市，并将数以十亿美元计的资金留在离岸中心。借助这一漏洞，中国超级富豪得以绕过严格的资本管制，并避开政府对其财富的监管。 如今，这一盛宴正在走向终结。通过一系列新规和法律，中国正在重塑财富流动格局，试图更好地控制资金流出境外的途径，其影响已波及海外。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
China's tycoons made fortunes offshore. Now the party is over.
SINGAPORE—For decades, founders and investors in China's technology firms used tax-haven shell companies to list overseas and keep billions of dollars in offshore centers. The loophole allowed China's superrich to bypass strict capital controls and avoid government oversight of their wealth. Now, the party is ending. In a series of new rules and laws, China is reordering the wealth landscape, seeking to better control how money leaves the country, with effects rippling beyond its borders.
China’s Tycoons Made Fortunes Offshore. Now the Party Is Over.
China’s Tycoons Made Fortunes Offshore. Now the Party Is Over. Beijing is reordering its rules for the superrich to get more control over how they invest overseas SINGAPORE—For decades, founders and investors in China’s technology firms used tax-haven shell companies to list overseas and keep billions of dollars in offshore centers. The loophole allowed China’s …
China’s Tycoons Made Fortunes Offshore. Now the Party Is Over.
Beijing is reordering its rules for the superrich to get more control over how they invest overseas July 26, 2026 10:00 pm ET The listing ceremony at the Hong Kong Stock Exchange. Paul Yeung/Bloomberg News SINGAPORE—For decades, founders and investors in China’s technology firms used tax-haven shell companies to list overseas and keep billions of dollars in offshore centers. The loophole allowed China’s superrich to bypass strict capital controls and avoid government oversight of their wealth.
Lines to live by: Eight debut authors share the literary quotes that shaped them
Books July 12, 2026 7 Min Read Simukai Chigudu, Jem Calder, Kenan Orhan and more on the lines that inspired their books and continue to enrich their lives. Writer In the record business they have a refrain: you have your whole life to write your first album. A debut novel is much the same, it can feel like the statement of a long-lived thesis or the discovery of a career-defining theme.
The cooling divide: How air-conditioning is creating a new climate inequality
For decades, people in Britain tended to view air-conditioning as something that belonged elsewhere. It was associated with office buildings, hotels and hotter countries rather than their own homes. But as summers become warmer and heatwaves more frequent, that picture is beginning to change. Colleagues and I analysed data from the English Housing Survey, a nationally representative sample of about 16,000 households.
The cooling divide: how air conditioning is creating a new climate inequality
For decades, people in the UK tended to view air conditioning as something that belonged elsewhere. It was associated with office buildings, hotels and hotter countries rather than their own homes. But as summers become warmer and heatwaves more frequent, that picture is beginning to change. Colleagues and I analysed data from the English Housing Survey, a nationally representative sample of about 16,000 households.
The cooling divide: how air conditioning is creating a new climate inequality Original
For decades, people in the UK tended to view air conditioning as something that belonged elsewhere. It was associated with office buildings, hotels and hotter countries rather than their own homes. But as summers become warmer and heatwaves more frequent, that picture is beginning to change. Colleagues and I analysed data from the English Housing Survey, a nationally representative sample of about 16,000 households.
伊朗如何利用人民币削弱美国影响力
长期以来，美元的霸权地位一直让华盛顿在管控全球商业时占据极大优势。大多数以美元计价的国际交易都必须通过美国的银行进行结算。这不仅让华盛顿能够对这些交易进行监控，还能在必要时通过制裁切断用户的美元供应，从而使其业务陷入瘫痪。 然而，美国的对手正日益转向中国的金融体系和人民币来进行交易。通过绕开美国主导的银行体系，他们削弱了华盛顿的制裁执行力。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
What to Know About How Iran Uses China’s Currency to Weaken U.S. Power
A WSJ investigation revealed how Iran is increasingly using China’s financial system to evade sanctions and avoid Washington oversight More of the world’s illicit activity to evade sanctions is being handled in yuan. Sheldon Cooper/SOPA Images/ZUMA Press The dominance of the U.S. dollar has historically given Washington a major advantage in policing global business.
イランで米国を出し抜く中国、その手口とは
米国はイランとの新たな核合意に向けた交渉に入っており、そこでは米国がこれまで強みとしてきた手段、すなわち「制裁緩和の約束」と「凍結資産約1000億ドル（約16兆円）の一部解放」を頼りにしている。 しかし、その効果は弱まりつつある。イランはここ数年、米政府の監視が行き届かない、人民元を基盤とする中国の金融枠組みを巧みに活用することで、米国の制裁措置を骨抜きにしてきた。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Così Cina e Iran usano lo yuan per aggirare le sanzioni Usa
Aggiungi Milano Finanza alle tue fonti preferite su Google per non perderti i nostri contenuti La Casa Bianca ha avviato colloqui con l’Iran per un nuovo accordo sul nucleare facendo affidamento su una tradizionale leva negoziale: la promessa di un alleggerimento delle sanzioni e l’accesso a una parte dei circa 100 miliardi di dollari di asset congelati. Tuttavia, questo strumento sta progressivamente perdendo efficacia.
中国正吸引全球转向人民币并削弱西方制裁
白宫已与伊朗就一项新的核协议展开谈判，并依赖于一项传统实力：承诺放松制裁，并允许伊朗动用约1,000亿美元被冻结资产中的一部分。 然而，这一筹码的效果正在减弱。近年来，德黑兰通过使用基于人民币的中国金融架构成功降低了美国制裁行动的影响。该架构在华盛顿的管辖范围之外运行。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
How China Undercuts the U.S. in Iran
Alexandra Citrin-Safadi/WSJ; iStock The White House has entered talks with Iran over a new nuclear deal, relying on a traditional strength: the promise of sanctions relief and access to some of roughly $100 billion in frozen assets. Yet, that leverage is waning. Tehran has blunted the U.S. sanctions campaign in recent years by successfully using China’s financial architecture—built on the yuan—that operates beyond Washington’s reach.
美国加码经济战，对手却毫不退缩
过去18个月里，美国对伊朗实施了1,000多项制裁，意在通过更广泛的施压行动迫使德黑兰屈服。 伊朗迄今为止都顶住了这些制裁，这向华盛顿揭示了一个残酷的事实：经济施压基本上未能让流氓政权屈服，因为这些政权总能想方设法绕过美国的限制。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
The US is ramping up economic warfare. Its enemies aren’t blinking.
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The U.S. Is Ramping Up Economic Warfare. Its Enemies Aren’t Blinking.
Iran, Russia and North Korea master the art of evading U.S. sanctions A banner in Tehran showing former Iranian leaders. Vahid Salemi/AP The U.S. has unleashed more than 1,000 sanctions on Iran over the past 18 months as part of its wider campaign to squeeze Tehran into submission.
Why are we asking AI all our silly questions when our partners have all the answers?
Last week, while catching up with a friend under the low lights of an east London restaurant, she suddenly announced that she had split up with her partner (writes Rory Jones). A four-year relationship, burned away with the quick intensity of flashpaper. I asked why. She played the hits: lack of communication, different life stages, et cetera.
AI割安株、中国ならまだ見つかる
【シンガポール】人工知能（AI）を巡る熱狂は、米国市場やアジア市場でテック企業の株価を天井知らずに押し上げている。それでも、割安な銘柄がまだ残っている国がある。中国だ。 その株式市場は、中国のテック覇者たちが織りなす「パラレルワールド（並行世界）」を特徴としている。そこには、アマゾン・ドット・コムではない電子商取引（EC）の巨人、グーグルではない検索エンジン兼ロボタクシー企業、そして台湾積体電路製造（TSMC）とは異なる4文字の社名を持つ半導体メーカーが君臨している。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
全球AI热潮下的另类存在：部分中国AI股票仍是“估值洼地”
人工智能(AI)热潮推动美国和亚洲市场的科技公司估值一飞冲天。但有一个国家仍存在一些相对划算的投资机会：中国。 股市中存在一个由中国科技领军企业组成的平行宇宙：一家不是亚马逊(Amazon)的电商巨头，一家不是谷歌(Google)的搜索引擎和无人驾驶出租车公司，以及一家英文简称由四个字母组成但不是台积电(TSMC)的芯片制造商。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
A place where some AI stocks are still cheap: China
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A Place Where Some AI Stocks Are Still Cheap: China
SINGAPORE—The frenzy over artificial intelligence is sending technology-company valuations through the roof in the U.S. and Asian markets. One country still offers some relative bargains: China. Stock markets feature a parallel universe of Chinese technology champions: an e-commerce giant that isn’t Amazon, a search-engine and robotaxi company that isn’t Google and a chip manufacturer with a four-letter name other than TSMC. Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved.
インドのAIジレンマ：グーグルに補助金、地元は水不足
インド・ビシャカパトナムのスラム居住者にとって水の供給は懸念事項となっているWater supplies are a concern for slum residents in Visakhapatnam, India.
印度AI时代的两难现实：谷歌获巨额补贴，当地居民用水却受限 - WSJ
去年，谷歌(Google)进驻这座宁静的印度沿海城市，当地政府热烈欢迎，为这家美国公司提供了价值数十亿美元的激励措施，以帮助其建设人工智能(AI)数据中心。 一些当地居民从未听说过AI，更不用说Gemini和ChatGPT了。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Big Subsidies for Google, Limited Water for Locals: The Dilemma of AI in India
Water supplies are a concern for slum residents in Visakhapatnam, India. VISAKHAPATNAM, India—When Google arrived last year in this sleepy coastal Indian city, the government rolled out the welcome mat, offering billions of dollars’ worth of incentives for the U.S. company to build data centers for artificial intelligence. Some residents had never heard of AI, much less Gemini and ChatGPT.
Big Subsidies for Google, Limited Water for Locals: The Dilemma of AI in India
VISAKHAPATNAM, India—When Google arrived last year in this sleepy coastal Indian city, the government rolled out the welcome mat, offering billions of dollars’ worth of incentives for the U.S. company to build data centers for artificial intelligence. Some residents had never heard of AI, much less … The Wall Street Journal.
London's National Gallery is getting a new wing courtesy of Kengo Kuma
The £750m (€862m) Project Domani will include a newly converted public rooftop and connect Leicester Square and Trafalgar Square. For the design of its most significant expansion since opening more than 200 years ago, the National Gallery in London has tapped 71-year-old Japanese architect Kengo Kuma. Famed for his work on Tokyo's Olympic stadium, Kuma won over the gallery's jury panel with his proposal for a hefty buildout.
中国如何助伊朗抵御制裁冲击，并为其战争机器“输血”
在特朗普(Trump)的首个总统任期内，美国发起了一场“极限施压”行动，意图将伊朗石油逐出全球市场，切断德黑兰最大的收入来源。而如今，伊朗每月仍能卖出价值数以十亿美元计的石油。 对此，伊朗得感谢一个国家：中国。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
How China Helped Iran Cushion the Blow of Sanctions and Fund Its War Machine
A satellite image shows an oil terminal at Kharg Island in Iran. Planet Labs/Reuters In the first Trump administration, the U.S. launched a “maximum pressure” campaign to cut Iranian oil from the global market and eliminate Tehran’s biggest source of revenue. Today, Iran sells billions of dollars worth of oil every month. For that, it can thank one country: China. Tehran’s Asian partner has dramatically increased the amount of Iranian oil it buys as sanctions have gotten tighter.
Iran-Backed Militia Threatens Attacks on Gulf Energy Facilities
A funeral for members of Kataib Hezbollah who were killed in an airstrike last month. Anmar Khalil/Associated Press An Iran-backed militia in Iraq said it would attack energy infrastructure across the Middle East if the U.S. attempts to reopen the Strait of Hormuz by force, according to a statement posted by Iranian state media.
The Israeli military said early Monday it launched a wave of strikes against Iran. Iranian state media reported that Tehran’s Sharif University of Technology was damaged in the strikes. Israel has previously acknowledged attacking alleged military infrastructure within Iranian academic institutions, claiming they are used by the Iranian army and Islamic Revolutionary Guard Corps.
Iran Warns of Devastating Offensive in Response to Trump Comments
Iran’s military warned of a “more devastating and widespread” offensive if the U.S. launches strikes on civilian infrastructure, according to a statement posted by Iranian state broadcaster IRIB. President Trump on Sunday threatened to destroy all of Iran’s power plants if the country’s leaders don’t agree to reopen the Strait of Hormuz by Tuesday evening.
Asia Stock Markets Mixed After Trump’s Ultimatum to Iran
The Korea Composite Stock Price Index at a trading room in Seoul. Ahn Young-joon/AP Major stock markets were mixed early Monday in Asia after President Trump’s weekend comments that the U.S. would bomb civilian infrastructure in Iran if a deal to reopen the Strait of Hormuz wasn’t reached in the next two days. Japan’s Nikkei Stock Average was up 0.7% and South Korea's Kospi gained 1.43% as optimism over the U.S. economic outlook appeared to offset concerns about the Iran war.
Three new Italian openings that attest to London's appetite for la dolce vita
Just as no two Italian regions (or nonnas) share a recipe, each of London's restaurants have their own charm. Here are three new openings that are putting the Bel Paese on a plate. Burro, Covent Garden "Italy and Ireland have plenty in common," chef, restaurateur and Belfast native, Conor Gadd, tells Monocle.
Oil Unmoved by Trump Saying War Will End Soon
Oil prices were flat despite President Trump saying the U.S. would wind down the Iran war in two to three weeks. Brent crude, the international benchmark, traded at $104.22 a barrel, after posting a 94% gain in the first quarter as a result of the war. Analysts said oil prices would likely remain high, even if the U.S. withdraws soon. Investors are likely pricing in greater geopolitical uncertainty and waiting to assess the damage to energy infrastructure in the Middle East.
Trump Says U.S. Will Be Leaving Iran in 2-3 Weeks
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President Trump said Tuesday the U.S. would be leaving Iran in two to three weeks. Addressing reporters in the Oval Office, Trump said the U.S. has eliminated Iran’s nuclear threat. “It will take 15-20 years for them to rebuild what we’ve done to them,” he said. Trump plans to address the nation on the war Wednesday at 9 p.m. ET.
By Meridith McGraw Verified, Rory Jones Verified, Alyssa Lukpat Verified, Lindsay Ellis Verified, Costas Paris Verified, Shelby Holliday Verified, Hamraz Bayan
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The Wall Street Journal
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Tanker Hit by Projectile Near Doha
A tanker in the Persian Gulf was struck by an unknown projectile on Wednesday, according to the U.K. Maritime Trade Operations Center, the latest in a series of attacks on shipping in Middle Eastern waters. The vessel was struck off the coast of the Qatari capital, Doha, causing damage to the hull above the water line, according to UKMTO, which is affiliated with Britain's Royal Navy. All crew members were safe and no environmental damage was reported, UKMTO said.
Architecture as international diplomacy: Switzerland’s ‘hanok’-inspired embassy in Seoul
Switzerland’s embassy in Seoul is a stylish manifestation of the two nations’ diplomatic relationship, which has blossomed in recent years. A Helvetic take on a hanok – a traditional Korean wooden house with no nails or pegs – it is designed in a large horseshoe shape, forming an arc around an open courtyard and connecting the public chancery, offices and residential wings. “It feels incredibly dynamic,” says ambassador Nadine Olivieri Lozano, who was previously posted to the Netherlands and Iran.
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