U.S. assures banks on transactions with China shipping company hit by Iran sanctions
Share:
WASHINGTON (Reuters) - The Trump administration assured U.S. banks on Wednesday that they can temporarily process U.S. dollar transactions on Chinese shipping companies it had previously sanctioned for allegedly transporting oil from Iran, in a move meant to blunt the impact of the sanctions on global shipping markets. The administration slapped sanctions on Sept 25 on Dalian units of Chinese shipping company COSCO, a move that pushed global freight costs to record highs. The Treasury..