In brief
The U.S. Treasury announced fresh sanctions against companies and individuals in India and Turkey for their role in assisting Iran, citing false‑flag maritime services and aviation support. The measures aim to curb Iran's oil sales and finance its conflict with the U.S. and Israel, and were unveiled after Democrats gained control of Congress in the mid‑term elections. The Treasury named Indian businessman Suniel Kumar Sharma and his wife Jaspreet Preeti Shahid among the targets, as well as Turkey‑based Fugo Ground Services Inc.
The U.S. Treasury announced fresh sanctions Wednesday against companies and individuals based in India and Turkey for their support of Iran, warning it would continue to go after anyone who backed the Iranian government.
The Treasury said the new measures were part of the Trump administration’s Operation Economic Outcast, an effort to cut off Iran’s ability to sell oil to finance its war with the United States and Israel.
One day after Democrats won control of both houses of Congress in the mid‑term elections, Treasury officials noted that the sanctions “are part of a broader strategy to decimate Iran’s economy,” citing a new list of 18 entities and several individuals.
The list includes Indian businessman Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid, and two other Indian citizens who head two of the couple’s businesses, as well as nine separate entities connected to Sharma. Treasury said their schemes “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.
The sanctions also target Turkey‑based Fugo Ground Services Inc for its ongoing support of Iran’s heavily sanctioned aviation sector.
In a statement, Treasury Secretary Scott Bessent said the U.S. government would continue to go after anyone who supported the Iranian regime.
We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air.
Bessent’s remarks followed Treasury’s claim that the new sanctions “are part of a broader strategy to decimate Iran’s economy, driving the rial currency to new lows and sending domestic inflation rates to levels around 90%.”
