The U.S. Treasury issued new sanctions on Nov. 4 against companies and people involved in doing business with the Iranian government as part of an operation to cut off all aid to the country.
Sanctions were issued against an India-based network for allegedly selling false flags and certifications to sanctioned vessels transporting Iranian petroleum for the Iranian military and its proxies, according to Treasury officials.
The sanctions impose blocks on all property and interests in property of the individuals and companies designated by the United States. Violations can result in civil or criminal penalties.
Suniel Kumar Sharma and his wife, Jaspreet Preeti Shahid, allegedly supported Iran’s shadow fleet though a web of maritime fraud, the notice said.
“As we have said many times, under Operation Economic Outcast, you are either with us or against us,” Treasury Secretary Scott Bessent said.
The operation, announced by Bessent in August, is a campaign to sever the economic lifeline sustaining the Islamic Republic of Iran. Bessent vowed to remove any entity that facilitates money laundering on behalf of Iran from the U.S. dollar system.
False flags and fake maritime certifications hide ships engaging in illegal activities and allow the vessels to evade international regulations that ensure crew safety and safeguard global trade routes.
Ships sailing under a false flag also carry no valid protection and indemnity insurance, the Treasury noted. This means the Iranian shadow fleet operating under false flags could potentially cause billions of dollars in uncovered damages to global economies.
The Sharma criminal network, operated by Sharma and Shahid, is based in Chandigarh, India, and includes companies ranging from financial services businesses to media-streaming platforms, according to the Treasury.
The Treasury has imposed financial sanctions on Sharma, Shahid, and their businesses Eswatini Maritime Affairs, Oceaniek Technologies India, and Aryavart Ship Management Private Limited.
The couple’s partners, Ashwani Kumar Dhiman and Ishwinder Singh, have also been sanctioned for serving as directors of the businesses.
The Treasury sanctioned six other Indian businesses for being owned or controlled by Shahid.
The network is accused of purporting to represent nations from nearly every continent to allow the Iranian shadow fleet to evade international restrictions.
The network allegedly started operations as early as 2014, when the couple sought to impersonate the flagging authority of the Caribbean nation of Dominica, the Treasury stated. In 2023, Sharma created the Singapore-based Eswatini Maritime, which continues to provide flagging services for vessels transporting Iranian petroleum products.
The Treasury said Sharma is also the managing director of the India-based Oceaniek Technologies India, a company he has allegedly used to establish false flag registries belonging to Aruba, Nicaragua, and Saint Maarten to provide them to sanctioned ships carrying Iranian oil.
The Treasury also issued sanctions on Fugo Ground Services, based in Istanbul, Turkey, for allegedly servicing black-listed Iranian airlines despite repeated warnings from the United States.
In August, the Treasury determined the Iranian regime was using aviation and “commercial” airlines to prop up its economy and applied the used of sanctions to the industry.
The Treasury claimed Fugo Ground Services has agreements with six U.S.-sanctioned Iranian carriers—Iran Air Tour, Saha Airlines, Sepehran Airlines, Varesh Airlines, Taban Airlines, and Ata Airlines Company. Fugo began servicing them weeks after the Sept. 8 designations, according to the United States.
We had a problem loading this article. Please enable javascript or use a different browser. If the issue persists, please visit our help center.