The United States has imposed fresh sanctions on several India-based companies and individuals over their alleged involvement in facilitating Iran’s oil trade. The action, announced by the US Treasury Department on Wednesday (November 4), also covers a Turkish company accused of supporting Iran’s sanctioned aviation sector.
The measures are part of the Donald Trump administration’s Operation Economic Outcast, aimed at restricting Iran’s ability to generate revenue from oil exports and finance its war with the United States.
According to the US Treasury, the latest sanctions target a network allegedly operated by India-based businessman Suniel Kumar Sharma and his wife, Jaspreet Preeti Shahid.
Two other Indian nationals who head businesses belonging to the couple have also been sanctioned, along with nine entities linked to Sharma.
The Treasury alleges that the network arranged false vessel registrations and certifications for ships transporting Iranian petroleum, including vessels operating on behalf of the Iranian military and its proxies.
These arrangements allegedly enabled sanctioned vessels to continue their operations despite US restrictions on Iran’s petroleum trade.
The sanctions extend to Turkey-based Fugo Ground Services Inc, which the US Treasury accused of providing continued support to Iran’s heavily sanctioned aviation sector.
The action reflects Washington’s broader efforts to disrupt international business networks allegedly helping Iran circumvent US restrictions.
The Trump administration has intensified its economic pressure on Iran through sanctions targeting oil exports, shipping operations and other sources of revenue.
Last week, the US Treasury claimed that its enforcement measures were severely affecting the Iranian economy, pushing the rial to record lows and driving domestic inflation to around 90%.
The latest restrictions underline Washington’s determination to pursue overseas companies and individuals accused of facilitating Iranian commercial activities in violation of US sanctions.
For the Indian businesses and individuals named, the measures could significantly restrict access to US-linked financial transactions and international commercial relationships.
