U.S. assures banks on dollar dealings with China's COSCO hit by Iran sanctions

WASHINGTON (Reuters) - The Trump administration assured U.S. banks on Wednesday that they can temporarily process U.S. dollar transactions on a Dalian unit of China's biggest shipping company COSCO that Washington had imposed sanctions on over suspicions it transported oil from Iran.The United States' sanctions on Sept. 25 pushed global freight costs to record highs and added millions of dollars in costs to many voyages.David Peyman, a U.S. State Department official on sanctions, said this month..