Oil traders around the world are scrambling to avoid being involved in the latest U.S. sanctions regarding Iranian oil after the United States imposed on Wednesday sanctions on a number of Chinese tanker owning firms and executives for transporting Iranian oil in violation of the U.S. sanctions on the Islamic Republic. “We are imposing sanctions on certain Chinese firms for knowingly engaging in a significant transaction for the transport of oil from Iran, including knowledge of sanctionable conduct, contrary to U.S. sanctions,” U.S. Secretary of State Mike Pompeo said on Wednesday, while the Department of the Treasury’s Office of Foreign Assets Control (OFAC) published a list of companies, including a unit of Cosco, which are now sanctioned for knowingly dealing with Iranian oil. “We will take action on any sanctionable Iranian oil transaction,” Secretary Pompeo said on Twitter in a pledge that the U.S. would continue to track down […]