The United States Treasury Department has imposed new sanctions on companies and individuals in India and Turkey for their alleged connections to Iran, signaling a continued effort to curtail support for the Iranian regime.
These sanctions are part of the Trump administration's "Operation Economic Outcast," an initiative designed to prevent Iran from utilizing oil sales to finance its activities. The Treasury Department stated last week that these measures have significantly impacted Iran's economy, leading to a substantial devaluation of its currency, the rial, and driving domestic inflation to approximately 90%.
Wednesday's action specifically targets what the Treasury Department described as a "vast criminal network" operated by India-based Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid, and two other Indian nationals who manage two of their businesses. Nine associated entities connected to Sharma were also sanctioned.
According to a statement from the department, these individuals and entities provided fraudulent documentation and certifications for sanctioned vessels engaged in the transport of Iranian petroleum, including those operating on behalf of the Iranian military and its proxies.
In a separate action, the Treasury Department also sanctioned Turkey-based Fugo Group Services Inc for its continued support of Iran's aviation sector, which is subject to extensive sanctions.
