US imposes sanctions on Chinese individuals, entities over links with Iran

The United States has imposed new sanctions on five Chinese individuals and six entities over links with Iran, including two Cosco Shipping corporation Ltd subsidiaries, the U.S. Department of Treasury said.

According to the notice on the department's website, the sanctions target Cosco Shipping Tanker Co and Cosco Shipping Tanker Seaman and Ship Management Co Ltd but do not apply to the parent company, said.

They also target China Concord Petroleum Co, Kunlun Shipping Company Ltd, Kunlun Holding Company Ltd and Pegasus 88 Limited, the department said.

US President announced the imposition of sanctions on the national bank of Iran last week, calling them the "highest sanctions ever imposed on a country.

Besides the Central Bank of Iran (CBI), the US Department of the Treasury's Office of Foreign Assets Control (OFAC) also took action the National Development Fund of Iran (NDF) and Etemad Tejarate Pars Co.

Further details are awaited.

This is a developing story.