U.S. lifts Iran sanctions on one unit of Chinese shipping giant COSCO

The United States on Friday lifted sanctions on one of two units of the giant Chinese tanker company COSCO, the Treasury said, partially reversing its punishment to the company for transporting Iranian oil 

A Cosco container ship

di Humeyra Pamuk, Timothy Gardner

Washington - The United States on Friday lifted sanctions on one of two units of the giant Chinese tanker company COSCO, the Treasury said, partially reversing its punishment to the company for transporting Iranian oil after China raised the issue in trade talks with Washington.

President Donald Trump’s administration on Sept. 25 blacklisted two units of COSCO, named after the northeastern Chinese port of Dalian. The move sent worldwide freight costs to record highs and disrupted the global shipping market.

The U.S. Treasury Department said on Friday it deleted from its sanctions list COSCO Shipping Tanker (Dalian) Co, but continues to blacklist the second unit - COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co Ltd.of COSCO.
 
A U.S. official said lifting sanctions on only one of the COSCO subsidiaries would allow the Trump administration to retain leverage on China and push COSCO to stop taking Iranian oil.
 
A top Chinese official had raised the COSCO issue in the U.S. trade talks, said one source who advises COSCO and is familiar with the Chinese government’s position. The trade talks earlier this month resulted in a “Phase One” deal, defusing an 18-month trade war that hurt global growth.
 
The Dalian COSCO units only have about 40 tankers, but Washington’s move last year led to confusion about whether sanctions applied to the parent company’s fleet of more than 1,000 ships.

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