The United States has enacted sanctions against an Indian businessman, his spouse, and several associated companies for allegedly aiding Iran in evading international oil export restrictions through fraudulent maritime registrations. The US Treasury Department announced these measures on Wednesday, targeting Suniel Kumar Sharma, based in Chandigarh, and his wife, Jaspreet Preeti Shahid. They are accused of operating a network that provided false ship registrations and certifications to vessels engaged in transporting Iranian petroleum.

Additionally, two other Indian nationals, Ashwani Kumar Dhiman and Ishwinder Singh, have been sanctioned for their purported roles as directors of businesses linked to Sharma and Shahid. The action includes nine entities connected to India, highlighting the extent of the alleged operations.

In a separate but related move, the US has also sanctioned Turkey-based Fugo Ground Services Inc. This company is accused of providing ground-handling and other services to six Iranian airlines that are already under US sanctions, including Iran Air Tour and Saha Airlines. The US claims that this network has facilitated the transport of oil by Iran’s shadow fleet while obscuring the identities and ownership of the vessels involved.

Background on the Allegations

The US Treasury Department has indicated that the network allegedly assisted Iran’s military and its proxies by allowing them to operate vessels under false identities. This operation is part of a broader initiative known as Operation Economic Outcast, which aims to cut off Iran’s oil revenues and limit its capacity to finance activities against the United States.

US Treasury Secretary Scott Bessent issued a stern warning to individuals and businesses supporting Iran, stating, “As we have said many times, under Operation Economic Outcast, you are either with us or against us.” He emphasised the commitment to sanction those who continue to support the Iranian regime through various means.

At the heart of the sanctions are Sharma and Shahid, who have been accused of engaging in maritime registration fraud since at least 2014. The couple allegedly established websites and organisations that falsely claimed to represent the maritime authorities of various countries without proper authorisation.

Impact of the Sanctions on Indian Entities

The sanctions entail that any property and financial interests belonging to the designated individuals and companies within US jurisdiction will be frozen. Consequently, US citizens and businesses are generally prohibited from engaging in transactions with these individuals unless specifically authorised by the Treasury’s Office of Foreign Assets Control.

Moreover, the sanctions extend to other companies that are at least 50 per cent owned, either directly or indirectly, by the sanctioned individuals or entities. This broadens the potential impact of the sanctions on related businesses and operations.

The US Treasury has also indicated that non-US individuals and businesses could face repercussions for facilitating transactions that contravene US sanctions or for aiding others in evading them. This aspect of the sanctions underscores the extensive reach of US regulatory measures in combatting international illicit activities.

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