Economics
Oil Traders Rattled by U.S. Sanctions on China Tanker Firms
- COSCO unit among companies name for violating Iran sanctions
- China state oil trader Zhenrong also hit by penalties in July
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Global oil shipping was thrown into disarray after the U.S. imposed penalties on a handful of Chinese tanker firms for continuing to carry Iranian crude after sanctions waivers lapsed in May.
Four shipping companies including a unit of COSCO Shipping Corp. were charged with knowingly violating restrictions on handling and transacting Iranian petroleum, with additional sanctions placed against executives and two other companies that control the firms, according to statements from the U.S. Treasury and State Departments.