Washington: The United States has imposed fresh sanctions on a network of international companies and individuals accused of helping move Iranian oil to other countries, in a bid to choke off the funding for Iran’s military activities. Two Mumbai-based companies and five Indian nationals are among those targeted by the US State Department.
The sanctions have been imposed over allegations that the entities facilitated the transport, purchase and import of Iranian petroleum and petrochemical products. The two Indian firms named are SSPL Solutions Private Limited and Samudra Marine Services Private Limited, both headquartered in Mumbai. Five Indian citizens associated with the companies have also been added to the blacklist: Dhwani Vora, Nisarg Vora, Ketan Kochikar, Bhupendra Singh Sahoo and Harishyam Hariharan.
The action extends beyond Indian entities. Washington has also sanctioned 10 other international organisations linked to Iran’s oil trade, six individuals, and five vessels allegedly used to ship Iranian oil covertly. US officials say this network generates billions of dollars in illicit revenue for the Iranian government and its foreign currency reserves.
Washington holds that income from these oil operations has become the main source of funding for Tehran’s military activities, weapons build-up and regional instability. The US believes that creating a funding shortage for Iran’s military and increasing economic pressure could push Tehran toward a diplomatic resolution. It has warned that companies from any country that directly or indirectly assist Iranian oil sales will not be spared.