US Treasury Hits India-Based Companies and Individuals with Sanctions for Aiding Iran

The US Treasury on Wednesday (US time) hit companies and people based in India and Turkey with fresh sanctions for aiding Iran. The latest measure comes as President Donald Trump previously vowed to subject Tehran’s allies and supporters to economic pressure as part of the ‘ Operation Economic Outcast ,’ seeking to severely impact Iran’s capability to fund the ongoing war with the United States. The US Treasury’s action on Wednesday aligns with the previously signed Executive Order (E.O.) 13902, which targets Iran’s petroleum, petrochemical, and aviation sectors, among other key parts of the Iranian economy. “As we have said many times, under Operation Economic Outcast, you are either with us or against us,” said Secretary of the Treasury Scott Bessent . “We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air.” In an official release titled “Operation Economic Outcast Targets Global Maritime Fraud Network Supporting Iranian Regime,” the US Treasury Department claimed that India-based Suniel Kumar Sharma and his spouse, Jaspreet Preeti Shahid, and Türkiye-based Fugo Ground Services Inc. were targeted as part of the broader effort to dampen Iran’s finances. US authorities indicated that the India-based individuals’ schemes 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. Today, as part of Operation Economic Outcast, Treasury targeted the vast criminal network of India-based Suniel Kumar Sharma and his spouse, Jaspreet Preeti Shahid, who have supported Iran’s shadow fleet through a web maritime fraud. Their schemes have provided false flags and… Using these false flags and fake maritime certifications, vessels can engage in illicit activity to evade international regulations. The US Treasury also warned that an Iranian shadow fleet carrying such false flags could potentially cause billions of dollars in damages to the economies of the countries in whose territorial waters they operate. According to the US Treasury’s description, Sharma and Shahid’s “vast criminal network” became the Trump administration’s new target due to their perceived support for Iran’s shadow fleet through a web maritime fraud. The couple has operated through their base in Chandigarh. They are believed to have started engaging in these alleged illicit efforts as early as 2014. Nearly a decade later, in 2023, Sharma established Singapore-based Eswatini Maritime Affairs and International Ship Registry PTE. Ltd. (Eswatini Maritime). Despite being flagged by Eswatini authorities, the US Treasury says it continues to provide its services for vessels carrying Iranian petroleum. This included the sanctioned vessel PING SHUN. At the time of its sanctioning, it had engaged in multiple shipments of Iranian oil , US officials said. The couple has also been accused of additionally managing a network of largely India-based entities. Some of these are used to establish fraudulent flagging registries. As the managing director of Oceaniek Technologies India, Sharma has used the company’s banner to establish duplicitous flag registries, including those supposedly belonging to Aruba, Nicaragua, and Sint Maarten. “Suniel Kumar Sharma is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. Jaspreet Preeti Shahid is being designated pursuant to E.O. 13902 for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Suniel Kumar Sharma,” the US Treasury stated. Authorities also name-dropped Indian nationals Ashwani Kumar Dhiman and Ishwinder Singh, who nominally serve as directors of Sharma’s businesses, including India-based Aryavart Ship Management Private Limited. A total of 13 people and companies in the Sharma network became the targets of Wednesday’s US action. Eswatini Maritime Affairs and International Ship Registry PTE. Ltd., Oceaniek Technologies India and Aryavart Ship Management Private Limited are being designated pursuant to Executive Order (E.O.) 13902. Other India-based companies being similarly targeted due to their ties to Jaspreet Preeti Shahid are: Precept Trends Private Limited, Polynesia Maritime Private Limited, Alexarya Finserv Private Limited, Alexarya Media and Entertainment Private Limited, Viharaboating Private Limited; and Aryavart Maritime and Educational Trust. Additionally, Turkish Fugo Ground Services Inc was sanctioned for its continued services aiding Iran’s aviation sector. The action comes after the US Treasury warned that any foreign firm or individual helping sanctioned Iranian airlines will face serious consequences. US Treasury Secretary Scott Bessent announced the so-called operation on August 24, 2026, which has since been dubbed as ‘ Economic D-Day ‘ by President Trump. Its goal has been to sever economic lifelines that continue to sustain the Iranian regime. As Trump’s Republican Party suffered a resounding defeat at this year’s US midterm congressional elections , he initially told Fox News that high gas prices, not the Iran war, were to blame for his party’s loss. However, subsequently, he acknowledged that the war with Iran was partially to blame for the election outcome. In an interaction with The Wall Street Journal, he reiterated yet again that he didn’t regret the ongoing conflict and he “would have done it again.” Vice President JD Vance echoed the sentiment, blaming the Iran conflict for GOP defeats. “Well, I think it’s largely true because it drove the gasoline up a little bit short term,” the POTUS told reporters at an event related to the ballroom’s construction. “But at the same time, if I had it to do again, I’d have to do it again. Because long term, it’s the only answer. You can’t let Iran have a nuclear weapon.” “But I can tell you that as far as that war is concerned, I would have done nothing different,” Trump added. “We’ve totally broken their military. The navy’s gone. Their air force is gone. Their anti-aircraft is gone.” Trump has repeatedly claimed that high gas and oil prices, which the general American public has vehemently raged against, were just a small price to pay as long as it meant that Iran never gets a nuclear weapon. Iran’s chief negotiator, Mohammad Bagher Ghalibaf, said Wednesday that the US midterms reflected the American public’s rejection of the war. The head of the Iranian Supreme National Security Council similarly credited his own country for the Republican loss. “The Iranian nation handed Trump a strategic defeat on the battlefield and in the Hormuz — and a POLITICAL DEFEAT in Washington,” Mohsen Rezaei said on X. “Meanwhile, Americans got stuck with the bill for his war.” “Anyone who takes on Iran will pay the price — from the battlefield to their own doorstep,” he added.