US says Cosco sanctions prove no one is “too big to fail”

The US hopes to warn the shipping industry that “no company is too big to fail” by putting two offshoots of China Cosco Shipping on the sanctions list, according to a senior official from the State Department.

On 25 September, Cosco Shipping Tanker (Dalian), Cosco Shipping Tanker (Dalian) Seaman & Ship Management, four other Chinese firms and five individuals became Washington’s Specially Designated Nationals (SDN) for allegedly transporting Iranian oil.