DayTrader

USA imposes Iran sanctions on China tankers

Recommended Posts

WASHINGTON (Reuters) - The Trump administration imposed sanctions this week on Chinese tanker companies for alleged involvement in the transport of oil from Iran, calling it one of the biggest sanctions actions it has taken since its crackdown on Iranian oil exports.

FULL ARTICLE

https://uk.reuters.com/article/us-iran-nuclear-usa-china-factbox/factbox-u-s-imposes-iran-sanctions-on-china-tankers-idUSKBN1WB2ZU

The move has raised concern in the global shipping industry that up to 50 tankers could be affected. “Losing that many tankers overnight has led to a scramble for ships in an already tight market and rates have jumped,” one shipping source said. The administration listed four companies for allegedly engaging in the transaction: China Concord Petroleum Co, Ltd; Kunlun Shipping Company Ltd; Pegasus 88 Ltd; and COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co, Ltd. Washington also imposed sanctions on Kunlun Holding Co Ltd, and COSCO Shipping Tanker (Dalian) Co, Ltd, which own or control one or more of the above companies and allegedly had knowledge of their sanctionable behavior. But the sanctions do not apply to these entities’ “parent companies or any other entities in their corporate groups,” the U.S. State Department said.

The U.S. State Department said the sanctions freeze all assets of these companies in the United States or in the possession of a U.S. citizen, and bans several of their executives from entering the United States. The U.S. Treasury Department issued guidance late on Wednesday saying that the sanctions apply "only to these listed entities and any entities in which they own, individually or in the aggregate, a 50% or greater interest."

The State Department said while the purchase of Iranian crude oil sparked the move, “we are similarly concerned with the export of refined oil products from Iran.” Analysts at ClearView Energy Partners said that this week’s sanctions appeared to target vessels that carry liquid petroleum gas, such as propane or butane, in addition to crude and ultra-light oil called condensate, in an expansion of past sanctions.

 
  • Like 1

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.