The US has temporarily lifted a ban on ships operated by the oil tanker subsidiary of China’s state-owned COSCO shipping group. The restrictions had caused a global rise in oil freight costs and temporary waivers are now being granted. Three COSCO tankers are now on their way to Asia from the US Gulf, with further sailings forecast. China is also expected to lift its own embargo against North Korea as early as next week, according to South Korea’s Yonhap news agency.
The US has temporarily lifted a ban on ships operated by the oil tanker subsidiary of China’s state-owned COSCO shipping group. The restrictions had caused a global rise in oil freight costs and temporary waivers are now being granted. Three COSCO tankers are now on their way to Asia from the US Gulf, with further sailings forecast. Washington had placed sanctions on the line as part of its crackdown on Iranian oil shipments.