The United States has imposed sanctions on an India-based businessman, his wife and several associated entities over allegations that they helped Iran evade international restrictions on its oil trade through fraudulent maritime registrations. According to reports from Business Standard, the action was part of US President Donald Trump's Operation Economic Outcast, a campaign aimed at cutting off Iran's oil revenues and restricting its ability to finance its war with the US. The US Treasury Department announced the action on Wednesday, targeting individuals and entities based in India and Turkey for their alleged links to the Iranian regime.
The US Treasury identified the sanctions as targeting what it described as a 'vast criminal network' operated by Chandigarh-based businessman Suniel Kumar Sharma and his wife, Jaspreet Preeti Shahid. As reported by Business Standard, the network allegedly supported Iran's shadow fleet through maritime fraud by providing false flags and certifications to sanctioned vessels involved in transporting Iranian petroleum. The action also covers two other Indian nationals, Ashwani Kumar Dhiman and Ishwinder Singh, who are accused of heading two businesses connected to the couple, along with nine India-linked entities associated with Sharma. According to the Treasury Department, the couple's alleged involvement in maritime registration fraud dates back to at least 2014, with their operations reportedly including establishing websites and organisations that falsely claimed to represent the maritime regulatory authorities of various countries.
According to the US Treasury press release, Sharma's network allegedly claimed to provide flagging services on behalf of several countries and territories, including Aruba, Guyana, Mali, Mozambique, Malawi, Sint Maarten and Timor-Leste. As reported by Business Standard, some of these vessels were allegedly operating on behalf of the Iranian military and its proxies. The platforms allegedly advertised a range of maritime services, including ship registration, seafarer training, vessel certification and classification. The Treasury alleged that Sharma and Shahid misused this system by issuing fraudulent registrations and certifications to vessels involved in transporting Iranian petroleum, enabling sanctioned ships to operate under the flags of countries that had never approved their registration. A ship's flag identifies the country under whose laws it operates, with legitimate registration allowing maritime authorities to monitor vessels and ensure they meet international safety and regulatory requirements.
Under the sanctions, the property and financial interests of the designated individuals and companies that fall within US jurisdiction will be frozen. According to Business Standard, US citizens and businesses are generally prohibited from conducting transactions with them unless authorised by the Treasury's Office of Foreign Assets Control (OFAC). The restrictions extend beyond the directly designated entities, with companies in which sanctioned individuals or organisations hold, directly or indirectly, at least 50 per cent ownership also subject to the restrictions. US Treasury Secretary Scott Bessent warned individuals and businesses against supporting Tehran, stating that under Operation Economic Outcast, individuals are either with the US or against it, and the Treasury will sanction those who continue supporting the Iranian regime. The Treasury has further warned that non-US individuals and businesses could face punitive action for facilitating transactions that breach American sanctions or assisting others in circumventing the restrictions.
Separately, Washington has targeted Turkey-based Fugo Ground Services Inc, accusing it of continuing to provide ground-handling and other services to six US-sanctioned Iranian airlines, including Iran Air Tour, Saha Airlines, Sepehran Airlines, Varesh Airlines, Taban Airlines and Ata Airlines Company. As reported by Business Standard, these include Iran Air Tour, Saha Airlines, Sepehran Airlines, Varesh Airlines, Taban Airlines and Ata Airlines Company. The US said the wider network helped Iran's shadow fleet transport oil while concealing the vessels' identities and ownership through fraudulent maritime documentation. Last week, the Treasury Department claimed that its measures were severely hurting Iran's economy, pushing the rial to record lows and driving domestic inflation to nearly 90%.
