BEIJING - China is looking for a "well balanced" resolution to the Iran nuclear issue after the United States and its Western allies reportedly won crucial support from Moscow and Beijing for new sanctions against Iran over its suspected nuclear program.

But Iran on Wednesday said that the new round of sanctions had no chance of being approved in the UN Security Council and vowed that Teheran would go ahead with a fuel swap brokered by Brazil and Turkey.

"There is no chance for a new resolution," Foreign Minister Manouchehr Mottaki told reporters when asked about the draft resolution in the Tajik capital of Dushanbe.