Here are the main players who could lose out if they continue trade with Iran:

- China -

More than a quarter of Iran's trade takes place with China, with $18 billion in imports and $14.5 billion in exports in 2024, according to World Trade Organization (WTO) data.

Hydrocarbons and chemical compounds like industrial alcohols and plastics accounted for the bulk of Tehran's exports to Beijing.

In exchange, Iran bought industrial machinery, electronic equipment, cars and metals from China.

- UAE -

The United Arab Emirates is a significant trading partner for Iran.

Iran's exports to the UAE were $6 billion in 2022, with imports amounting to $18 billion, according to the World Bank.

The United Arab Emirates sold gold, smartphones and corn to Iran, and mainly bought hydrocarbons from it, according to WTO data.

- Turkey -

Turkey is a major partner for Iran.

Ankara's imports were a little over $6 billion in 2022, while exports reached $5.8 billion, according to World Bank data.

- Russia -

Russian imports from Iran were $690 million in 2022, according to World Bank data, while exports were $1.5 billion.

Russia exchanged grain, gold and timber for Iranian agricultural products.

- Iraq -

Iran's exports to Iraq, a major trade partner, were $7.35 billion in 2022, with imports amounting to $456 million, according to the World Bank.

- Germany -

Germany's exports to Iran totalled 870.5 million euros ($1 billion) from January to November 2025, according to the country's official statistics office Destatis.

Imports were 217 million euros in that period.

- India -

Bilateral trade fell from $17 billion in 2018-19 to $1.7 billion in 2024-25, according to India's commerce department.

Key exports from India include basmati rice, sugar, fresh fruits and pharmaceuticals, while major imports include pistachios, apples, kiwi and dates.

- Thailand -

Thailand-Iran trade stood at $199.8 million in 2022, with Thai exports at $156 million and imports at $43.8 million, according to Thailand's foreign ministry.

Its main exports to Iran include rubber, motorcycle parts, canned fruit, rice, computers, and vegetables.

Key imports comprise metals, fresh and processed seafood, fuels, vegetables, and chemical products.

- Sri Lanka -

Sri Lanka exported $68 million to Iran in 2024, up from $43 million the previous year, according to the Central Bank of Sri Lanka.

Official imports have been zero since US sanctions on Iranian oil.

- Japan -

Japan's exports to Iran rose 38 percent in 2024 to $89 million, while imports dropped 6.4 percent to $29 million, according to the Japan External Trade Organization.

Exports included pharmaceuticals, automobiles and electrical machinery. Imports included fabric products, as well as foodstuffs, fruit and vegetables.

- Philippines -

The Philippines exported $66 million in goods to Iran in 2024, up from $38 million the year prior.

Imports were under $190,000, according to the country's statistics authority.