The Trump administration assured U.S. banks on Wednesday that they can temporari...
WASHINGTON - The Trump administration assured U.S. banks on Wednesday that they can temporarily process U.S. dollar transactions on a Dalian unit of China’s biggest shipping company COSCO that Washington had imposed sanctions on over suspicions it transported oil from Iran.
The United States’ sanctions on Sept. 25 pushed global freight costs to record highs and added millions of dollars in costs to many voyages. China is the world’s largest importer of Iranian oil despite sanctions that U.S. President Donald Trump unilaterally reimposed on Tehran last year over its nuclear program. Trump hopes the sanctions will also limit Tehran’s ballistic missile program and influence across the Middle East. Tehran says its nuclear program is for peaceful purposes.
The guidance assured banks such transactions with COSCO Shipping Tanker Co are permitted through Dec. 20, a wind-down period that Treasury allowed in a temporary waiver issued in October.
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