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Washington issues two-month sanctions waiver over Cosco’s tanker unit
The US Treasury Department yesterday issued a nearly two-month waiver for companies to wind down transactions with Cosco Shipping Tanker (Dalian), a company it sanctioned last month for allegedly transporting Iranian oil.
The waiver, which lasts through to December 20, allows “maintenance or wind down of transactions” including offloading non-Iranian crude oil involving the Cosco affiliate.
The Treasury Department said the waiver applies to Cosco Shipping Tanker (Dalian) or any entity owned 50% or more by the company.
The decision to slap Cosco – and another Chinese outfit called Kunlun – with sanctions helped spark a dramatic freight rate spike for tankers earlier this month.