The United States on Thursday imposed sanctions on two Mumbai-based companies and five Indian nationals over their alleged involvement in the trade of petroleum products from Iran, as Washington stepped up its economic pressure on Tehran.The US department of state targeted SSPL Solutions Private Limited and Samudra Marine Services Private Limited for allegedly facilitating the import of petroleum products from Iran.The action also blocked five individuals associated with the two firms from carrying out transactions related to their respective companies, according to news agency PTI.Two people linked to SSPL Solutions, Dhwani Vora and Nisarg Vora, were sanctioned, while Ketan Kochikar, Bhupendrasingh Sahu and Harishyam Hariharan Chundakattil, associated with Samudra Marine Services, were also targeted.
US expands sanctions over Iranian petroleum trade
The sanctions against the Indian entities and individuals are part of the US crackdown on Iran under “Operation Economic Outcast”.“The department of state is sanctioning ten entities, six individuals, and five vessels in connection with trade in Iranian-origin petroleum, petroleum products, and petrochemical products,” the US state department said in an official statement.The department alleged that the targeted entities channelled millions of dollars to the Iranian regime, strengthening what it described as one of Tehran’s most important revenue streams and enabling its continued illicit conduct.“The US government is imposing sanctions on both the buyers and sellers driving this trade in Iranian petrochemical products,” the department said.At the same time, the US authorised wind-down transactions involving Samudra Marine Services until October 23.A wind-down period allows parties to complete existing transactions and exit operations before sanctions or liquidation measures fully take effect.
Treasury targets 17 entities and shadow fleet vessels
Separately, the US treasury department sanctioned 17 entities and their associated shadow fleet vessels as part of the same effort to restrict Iranian oil revenues.“Treasury is starving the tyrannical regime in Tehran of the money it uses to wage war in the region, and we will continue exposing those who enable the regime’s oil sales,” Treasury Secretary Scott Bessent said.“No enabler of Iranian sanctions evasion is safe from the full force of Treasury’s authorities,” he added.A Treasury official told reporters that the measures represented what the department described as its “most significant blow yet to Iran’s remaining illicit maritime infrastructure”.“Today’s action represents the most significant blow yet to Iran’s remaining illicit maritime infrastructure by neutralizing the vast majority of the shadow fleet,” the official said.According to Reuters, the Treasury official said the operation was aimed at cutting Tehran’s funding for the war, missile construction, cyberattacks and the Islamic Revolutionary Guard Corps (IRGC).
Pressure on Iranian oil exports
The latest sanctions come after the US reimposed its blockade of Iranian ports on July 14 following the breakdown of a memorandum of understanding between Washington and Tehran.A Treasury official said Iran had about 20 million barrels of crude oil remaining on vessels outside the blockade. The global oil market consumes about 100 million barrels per day.
