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US sanctions imposed on Chinese companies for shipping Iranian oil

UNITED STATES, WASHINGTON (OBSERVATORY) — US Secretary of State Mike Pompeo said Washington has listed two Chinese companies on the US sanctions list for violating sanctions on Iran by shipping Iranian oil.

“The United States is taking further measures in its efforts to impose maximum economic pressure on the Iranian regime, who are contributing to its destabilizing behavior,” he said, adding that the new restrictions were aimed at “depriving the Iranian regime of revenue.”

The US Treasury Department on Wednesday listed five individuals and six entities from China in its sanctions list.

The ministry said the sanctions were aimed at COSCO shipping and COSCO shipping, but they did not apply to the parent company. China Concord Petroleum and Kunlun Shipping Ltd., Kunlun Holdings and Pegasus 88.

The United States imposes harsh sanctions on Iran, including its oil exports, Tehran’s main source of income. Washington, through sanctions, is trying to force Tehran to renegotiate the nuclear deal.

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