U.S. whips Chinese firms still holding oil deals with Iran

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U.S. whips Chinese firms still holding oil deals with Iran

The United States is giving proper sanctions on several Chinese shipping companies for continuing to carry Iranian oil after sanctions waivers expired in May.

Chinese firms charged with a deliberate violation of restrictions on handling and transacting petroleum from Iran are China Concord Petroleum Co., Kunlun Shipping Co., Pegasus 88 Ltd., and COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co.

Five company executives including the ones from Kunlun Holding Co. and COSCO Shipping Tanker (Dalian) Co. were given additional restrictions.

U.S. citizens and companies are barred from dealing with sanctioned shipping companies and immediately blocked them from American banks.

China continues to import small amounts of oil and petroleum products from the Persian Gulf nation amid the U.S. sanctions on the OPEC producer.

“This is one of the largest sanctions actions the United States has taken against entities and individuals identified as transporting Iranian oil since our sanctions were re-imposed on November 2018,” said Secretary of State Michael Pompeo.

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