The United States on Friday lifted sanctions on one of two units of the Chinese ...
WASHINGTON - The United States on Friday lifted sanctions on one of two units of the Chinese tanker company COSCO, the U.S. Treasury said, partially reversing its punishment on the company for transporting Iranian oil after China complained about the measure in trade talks with Washington.
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 COSCO to stop taking Iranian oil. The Dalian COSCO units have only about 40 tankers, but Washington’s sanctions last year led to confusion about whether they applied to the parent company’s fleet of more than 1,000 ships.
“The goal of the administration is to balance sending a message to the marketplace” that it wants to drive down Iran oil exports “without devastating world trade,” Pilarski said. State Department officials pushed Trump’s maximum pressure policy and left it up to the Treasury Department’s Office of Foreign Asset Control to adjust the impact on markets, they said.
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