The United States has granted a Chinese oil shipper a sanctions reprieve of nearly two months to wind down business with Iran, the Treasury Department said in a notice on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 24th October, 2019) The United States has granted a Chinese oil shipper a sanctions reprieve of nearly two months to wind down business with Iran, the Treasury Department said in a notice on Thursday.Cosco Shipping Tanker (Dalian) and any of its majority-owned affiliates have until December 20 to halt transactions involving Iran before the reimposition of US sanctions, according to the notice.
Last May, the United States exited the Iran nuclear accord and began imposing sanctions including on any companies doing business with Tehran. On May 8, one year after the US pullout from the agreement, Iran announced that it had partially discontinued enrichment limits.
Earlier in October, Iranian Oil Minister Bijan Namdar Zangeneh told Sputnik the country's oil business will continue growing, despite the US sanctions, and is expected to reach $25 billion over the next two years and $37 billion within 6-7 years.
