The United States Department of the Treasury announced sanctions targeting individuals and firms in India and Turkiye on Wednesday, alleging they assisted Iran in evading international restrictions on oil exports and airline operations.
The primary targets include Suniel Kumar Sharma and his wife, Jaspreet Preeti Shahid, both based in Chandigarh, India, along with two other Indian nationals managing their businesses and nine related entities. According to Treasury officials, the couple falsely represented themselves as maritime authorities from various countries, including Guyana, Eswatini, and Laos. Using websites designed to replicate legitimate national ship registries, they issued fraudulent flags and certifications enabling sanctioned tankers transporting Iranian oil to continue maritime operations, including vessels associated with Iran’s military and affiliated organizations. The Treasury indicated this scheme had operated since at least 2014.
The sanctions also targeted Fugo Ground Services, a Turkiye-based company that provided ground handling and related support services to multiple US-sanctioned Iranian airlines operating flights into Turkiye, such as Iran Air Tour and Saha Airlines.
The Treasury’s Office of Foreign Assets Control additionally issued warnings to shipping companies regarding sanctions risks associated with vessels operating under false flags. The action represents part of the Trump administration’s broader “Operation Economic Outcast” initiative, designed to restrict oil revenues that Iran allegedly directs toward military activities. Treasury officials reported the campaign has contributed to significant currency depreciation of the rial and inflation levels reaching approximately 90 percent.
Treasury Secretary Scott Bessent stated the administration would continue pursuing entities supporting Iran. The sanctions freeze US-based assets belonging to those designated and typically prohibit American entities from conducting transactions with the targeted parties.
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