COSCO Shipping Seaman has been charged with knowingly violating restrictions on handling and transacting Iranian petroleum;
The sanctions bar U.S. citizens and companies from dealing with the shipping companies, effectively blocking them from American banks at the heart of the global financial system. They also block any property or interests the firms or people have in the U.S. and forbid any American assets from being paid or transferred to them;
China, the world’s largest crude buyer, continues to import oil and petroleum products from the Persian Gulf nation in the face of the White House’s sanctions on the OPEC producer. It took 788,000 tons of crude from Iran in August, compared with a monthly average of 2.4 million tons last year, Chinese customs data show. The sanctions could complicate talks to end the U.S.-China trade war, which resume in Washington next month.
COSCO Shipping Energy, the parent of COSCO Shipping Seaman, halted trading in Hong Kong on Thursday after the announcement;
The move is aimed at denying the Iranian regime critical income to engage in foreign conflicts, advance its ballistic missile development, and fund terrorism around the world, Pompeo said. These sanctions are over the transport of Iranian crude oil, and the U.S. is similarly concerned about the export of Iranian refined petroleum products, he said;
Also Known As:
COSCO Shipping Tanker (Dalian) Seaman And Ship Management Co., LTD.
COSCO Shipping Seaman SHP MGMT
29, Qiqi Jie, Zhongshan Qu, Dalian, Liaoning 116001, China
Reason for the color:
» Added to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on 9/25/2019 pursuant to Executive Order 13846 for knowingly engaging in a significant transaction for the transport of oil from Iran;