US Sanctions Indian, Turkish Firms Over Iran Links
The United States has imposed fresh sanctions on Indian and Turkish companies and individuals accused of helping Iran evade international restrictions on its oil exports and aviation sector. Announced by the US Treasury Department on November 4, 2026, the measures form part of the Trump administration’s Operation Economic Outcast, aimed at restricting Tehran’s access to revenue and international commercial networks.
Indian Maritime Network Accused of Aiding Iranian Oil Trade
The US Treasury targeted a network allegedly operated by Chandigarh-based Suniel Kumar Sharma and his wife, Jaspreet Preeti Shahid, alongside two Indian business associates and nine connected entities.
American authorities accused the network of arranging fraudulent vessel registrations, false maritime flags and certifications for ships transporting Iranian petroleum.
According to the Treasury, these arrangements enabled sanctioned vessels, including those associated with Iran’s military and allied groups, to continue operating despite international restrictions.
The allegations concern specific individuals and businesses, rather than the Indian government.
Turkish Aviation Company Faces US Sanctions
The Treasury also sanctioned Istanbul-based Fugo Ground Services Inc., accusing it of providing ground-handling services to Iranian airlines already subject to American restrictions.
The company allegedly continued supporting Iranian aviation operations despite existing sanctions.
US Treasury Secretary Scott Bessent warned that Washington would pursue individuals and businesses assisting Tehran through maritime, aviation or other commercial activities.
Sanctions Target Iran’s International Revenue Networks
The measures are intended to restrict access to the American financial system and prevent US persons from conducting most transactions with designated individuals and companies.
The Treasury also issued an industry alert concerning fraudulent vessel registrations and the use of false flags by ships transporting sanctioned Iranian petroleum.
Washington maintains that restricting Iran’s oil revenue is necessary to weaken its capacity to finance military operations and associated organisations.
The latest action expands American pressure on international businesses suspected of facilitating Iranian trade during the continuing US-Iran conflict.
