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US Imposes Fresh Iran-Related Sanctions on Chinese Entities

The United States is announcing new sanctions on Chinese entities for “knowingly transporting oil from Iran contrary to United States sanctions,” Secretary of State Mike Pompeo said in New York on Wednesday.The measures targeting five Chinese individuals and six entities, including two COSCO Shipping corporation Ltd. subsidiaries, are the latest move by the U.S. to intensify what it calls the maximum pressure campaign against Iran.“We’re also imposing sanctions on the executive officers of those companies as well,” said Pompeo at a forum on the sidelines of United Nations General Assembly, adding “we will sanction every violation of sanctionable activity.”The sanctions target COSCO Shipping Tanker (Dalian) Company and COSCO Shipping Tanker (Dalian) Seaman and Ship Management Company but do not apply to the parent company.China Concord Petroleum Co., Kunlun Shipping Company Ltd., Kunlun Holding Company Ltd and Pegasus 88 Limited, are also targeted.Last week, President Donald Trump ordered the U.S. Treasury Secretary Steven Mnuchin to “substantially increase” sanctions on Iran, following missile and drone strikes against the world’s largest crude-processing plant and oils field in Saudi Arabia. U.S. officials have accused Iran of carrying out the attacks. Tehran has denied the claim. 

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