Iran is the one of two key entry points. It they cannot use Iran to trade through, their only point of entry is Africa. Look at the access in the South Pacific. Having man made islands there makes sense. Iran is China’s entry to Europe. Now, imagine Russia has sanctions and Iran has sanctions. How hard is it to trade?
As an aside, look at the geopolitics of this. China is positioned with allies and foes alike. What happens if they have our tech? Look at how much influence that new Road is. We were sold out?