The United States has imposed fresh sanctions on companies and individuals in India and Turkey accused of helping Iran evade international restrictions, warning that anyone supporting Tehran will remain a target.
The US Treasury announced the measures on Wednesday under President Donald Trump’s “Operation Economic Outcast”, an initiative aimed at cutting off Iran’s ability to generate revenue through oil sales to finance its war with the US and Israel.
The latest action came a day after Democrats made major gains in the US midterm elections, securing control of both chambers of Congress as voters voiced anger over the Iran war and its contribution to rising inflation.
The Treasury said its previous measures had severely weakened Iran’s economy, pushing the country’s currency, the rial, to record lows and driving domestic inflation to around 90%.
Wednesday’s sanctions targeted what the department described as a “vast criminal network” allegedly operated by India-based Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid and two other Indian nationals who lead businesses linked to the couple.
Nine additional entities connected to Sharma were also sanctioned.
According to the Treasury, the network allegedly provided false flags and fraudulent maritime certifications to vessels transporting Iranian petroleum, including ships operating on behalf of Iran’s military and its proxies.
Such false registrations and certifications allow vessels involved in illicit activities to bypass international safety and environmental regulations, while operating without indemnity insurance.
The department warned that these vessels could potentially cause billions of dollars in damage to countries whose territorial waters they enter.
The Treasury said Sharma and Shahid, who are based in Chandigarh, India, had falsely claimed to represent countries including Guyana, Eswatini and Laos when issuing vessel registrations and certifications.
The couple allegedly established websites offering services such as ship registration, seafarer training, certification and vessel classification under the names of those countries and others.
They were also accused of managing several India-based companies used to establish fraudulent maritime registration systems. Those businesses were included in the sanctions.
Separately, the US targeted Turkey-based Fugo Ground Services Inc over its alleged continued support for Iran’s heavily sanctioned aviation industry.
The Treasury accused the company of providing ground handling and other services to several Iranian airlines already under US sanctions, including Iran Air Tour, Saha Airlines, Taban Airlines and Ata Airlines, which continued operating flights to Turkey.
US Treasury Secretary Scott Bessent warned that Washington would continue targeting individuals and businesses supporting the Iranian government.
“We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air,” he said.
The Treasury’s Office of Foreign Assets Control also issued a fresh warning to businesses about the risks of dealing with vessels suspected of operating under fraudulent flags.
Brett Erickson, managing principal of Obsidian Risk Advisors, said the latest measures demonstrated that the Trump administration was intensifying its economic pressure on Iran despite the Republicans’ heavy election losses.
“Even after a brutal electoral defeat, Washington appears unwilling to take even the smallest step toward de-escalation,” he said.
Trump acknowledged on Wednesday that the Iran war and the resulting surge in petrol prices had contributed to his party’s poor election performance, but insisted the military campaign was worth the cost.
Oil prices subsequently fell sharply amid volatile trading as investors assessed the possibility of an end to the conflict.
The latest sanctions further tighten US restrictions on Iranian oil exports following Washington’s reimposition of a blockade on Iranian ports on July 14, after a memorandum of understanding between Tehran and Washington aimed at ending the war collapsed.
