China’s Cnooc and Cosco Shipping Blacklisted by US Government
The US has blacklisted Cnooc and Cosco Shipping for alleged ties to the Chinese military, impacting their stock prices.
Cnooc, Cosco Shipping, China, US, Pentagon, Sanctions
Beijing: So, the US government just blacklisted Cnooc and Cosco Shipping. They’re saying these companies have ties to the Chinese military. That’s a big deal!
It all went down when the Pentagon named them in a filing. Along with these two, they also mentioned Tencent and Contemporary Amperex. Talk about a spotlight!
After the news broke, Cosco’s shares dropped about 4.1% in Hong Kong, and Cnooc wasn’t far behind with a 1.5% dip. Ouch! Neither company has commented yet, though.
This isn’t the first time these firms have faced trouble from Washington. Cosco was sanctioned back in 2019 for transporting Iranian oil, but those penalties were lifted a year later. Cnooc has been in hot water since 2021.
Being on this blacklist doesn’t come with direct penalties, but it definitely makes US companies think twice before doing business with them. Two other Chinese shipbuilders also made the list, adding to the tension.
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