In brief
The U.S. Treasury announced sanctions against Indian and Turkish firms and individuals on November 4, targeting a network believed to be aiding Iran with false‑flag maritime services and aviation support. The move is part of the Trump administration’s “Operation Economic Outcast” to curb Iran’s oil sales. Treasury Secretary Scott Bessent vowed to continue sanctions against any support for Tehran.
Washington – The U.S. Treasury announced new sanctions on Wednesday, November 4, for a network of companies and individuals based in India and Turkey that allegedly facilitated Iran’s oil and aviation exports.
The sanctions target the Suniel Kumar Sharma–led network that includes Sharma, his wife Jaspreet Preeti Shahid, and two other Indian citizens who head two of the couple’s businesses, along with nine separate entities linked to Sharma. Treasury said the group “have provided false flags and certifications to sanctioned vessels involved in transporting Iranian petroleum, including vessels operating on behalf of the Iranian military and its proxies,” allowing them to evade safety and insurance requirements.
In addition to the Indian‑based network, Treasury sanctioned Fugo Ground Services Inc., a Turkey‑based firm that has supplied support to Iran’s aviation sector, which is heavily sanctioned under U.S. regulations.
“We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air,” Treasury Secretary Scott Bessent said in a statement, framing the action as part of the Trump administration’s “Operation Economic Outcast,” designed to cut off Iran’s ability to sell oil to fund its conflicts.
Brett Erickson, managing principal of Obsidian Risk Advisors, described the sanctions as a signal that Washington remains willing to intensify economic pressure on Iran despite recent electoral setbacks. He added that the measures would “decimate Iran’s economy, drive the rial to new lows and push domestic inflation toward high levels.”
