The U.S. Treasury Department's Office of Foreign Assets Control placed sanctions on China's COSCO Shipping's oil tanker operations for their alleged transport of Iranian oil. The sanctions impact upcoming U.S.-China trade negotiations and the global shipping industry that is exposed to the U.S. financial system.
"In the short term, it could be tactically sound for the U.S., but in the long term, this could create an alternative shipping system, where the Chinese realize they need their own P&I, property & indemnity insurance coverage, and so on. I have the same concern with the U.S. banking system, where it has become so difficult to do legal trade that it’s sort of forcing a move away from dollars," said Attorney Jonathan Epstein.
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