US slaps sanctions on Indian, Turkish firms and people for aiding Iran
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The sanctions are part of the Trump administration's "Operation Economic Outcast," which aims to cut off Iran's ability to sell oil to fund the war with the US and Israel. Treasury unveiled the new sanctions a day after Democrats made huge gains in midterm elections, winning control of both houses of Congress as voters expressed anger about the Iran war and its impact in fueling US inflation.
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Loading...×WASHINGTON: The US Treasury issued fresh sanctions on Wednesday against companies and individuals based in India and Turkey for their support of Iran, warning that it would continue to go after anyone who supported the Iranian government.The sanctions are part of the Trump administration's "Operation Economic Outcast," which aims to cut off Iran's ability to sell oil to fund the war with the US and Israel.
Treasury unveiled the new sanctions a day after Democrats made huge gains in midterm elections, winning control of both houses of Congress as voters expressed anger about the Iran war and its impact in fueling US inflation.
Treasury last week said its actions were decimating Iran's economy, driving the rial currency to new lows and sending domestic inflation rates to levels around 90%.
Treasury said Wednesday's action targeted what it called "the vast criminal network" run by India-based Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid, and two other Indian citizens who head two of the couple's businesses, as well as nine separate entities connected to Sharma.
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"Their schemes have provided false flags and certifications to sanctioned vessels involved in transporting Iranian petroleum, including vessels operating on behalf of the Iranian military and its proxies," the department said in a statement.
False flags and fake maritime certifications allow vessels engaging in illicit activity to evade international safety and environmental regulations, carrying no indemnity insurance. That means such vessels could potentially cause billions of dollars in damages to the economies of the countries in whose territorial waters they operate.
The department also sanctioned Turkey-based Fugo Ground Services Inc for its ongoing support of Iran's heavily sanctioned aviation sector.
Treasury Secretary Scott Bessent said the US government would continue to go after anyone who supported Tehran. "We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air," he said in a statement.
Treasury's Office of Foreign Assets Control also issued a new alert to industry, warning of the sanctions risk of dealing with potentially false flagged vessels.
FAKE CERTIFICATIONS
It said Sharma and Shahid, based in Chandigarh, India, had fraudulently claimed to represent countries like Guyana, Eswatini and Laos in issuing flags and certifications, allowing vessels operating on behalf of the Iranian military and its proxies to evade international restrictions and keep operating.
Sharma's network bought web domains, creating websites that claimed to offer services on behalf of these countries and others, including flagging, seafarer training and certification, and vessel classification.
The couple also managed a network of India-based entities that were used to establish fraudulent flagging registries, and those firms were also designated for sanctions.
Fugo Ground Services, the Turkish company designated by OFAC, provided ground handling and other services to several US-sanctioned Iranian airlines that continued to fly to Turkey, including Iran Air Tour, Saha Airlines, Taban Airlines and Ata Airlines, Treasury said.
The move tightens the squeeze on Iranian oil sales after the US reimposed its blockade of Iranian ports on July 14 following the breakdown of a memorandum of understanding between Tehran and Washington to end the war.
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( Originally published on Nov 04, 2026 )Read More News onUS sanctions on India and TurkeyUS Treasury sanctionsIran regime supportOperation Economic OutcastUS Treasury
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
