US Treasury Sanctions India-Based Network Over Iranian Oil Shipments

The Donald Trump administration has expanded its economic pressure campaign against Iran, sanctioning India-based individuals and businesses alongside a Turkish company. US Sanctions India-Based Network Over Iranian Oil Shipments On Wednesday, the U.S. Treasury Department announced fresh sanctions against an alleged network led by India-based businessman Suniel Kumar Sharma, his wife, Jaspreet Preeti Shahid, two other Indian nationals and several associated entities.

Treasury accused the network of providing fraudulent maritime registrations and certifications to vessels transporting Iranian petroleum, including ships allegedly operating on behalf of Iran’s military and its proxies. According to the department, Sharma and Shahid, who are based in the North Indian city of Chandigarh, allegedly impersonated representatives of countries including Guyana, Eswatini and Laos to issue fraudulent ship registrations and certifications. Their network reportedly established websites offering flagging, seafarer training and vessel classification services to help sanctioned vessels evade international restrictions.

Read Also: Iran’s Chief Negotiator Warns Trump Against Another War, Says Tehran Remains Ready For Battle 'With Its Finger on the Trigger’ Despite Peace Talks Turkey-Based Aviation Firm Also Faces Sanctions Separately, the Treasury sanctioned Turkey-based Fugo Ground Services Inc. for allegedly providing ground-handling and other services to sanctioned Iranian airlines, including Iran Air Tour, Saha Airlines, Taban Airlines and Ata Airlines. The department also issued an industry alert warning businesses about sanctions exposure associated with potentially fraudulent ship registrations.

Bessent Warns Global Businesses Supporting Iran Treasury Secretary Scott Bessent reiterated Washington’s hard-line approach, warning foreign entities against supporting Tehran. “As we have said many times, under Operation Economic Outcast, you are either with us or against us. We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air,” Bessent said on X. The operation seeks to restrict Iran’s ability to generate oil revenue and finance its war with the U.S.

and Israel. As we have said many times, under Operation Economic Outcast, you are either with us or against us. We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air. — Treasury Secretary Scott Bessent (@SecScottBessent) November 4, 2026 Bessent’s remarks echo former President George W.

Bush’s post-9/11 rhetoric. In a 2001 address to a joint session of Congress, Bush declared, “Either you are with us, or you are with the terrorists.” Sanctions Come After Republican Midterm Losses The announcement came a day after Democrats made significant gains in the midterm elections, winning control of both congressional chambers amid voter frustration over the war in Iran and rising inflation. Treasury said its previous measures had severely weakened Iran’s economy, pushing the rial to record lows and domestic inflation toward 90%. Meanwhile, the Trump administration is reportedly making preparations for a potential return to major military operations in Iran.

Earlier, it was reported that CIA Directo r John Ratcliffe, Bessent and other officials have urged the president to maintain the naval blockade and continue the economic pressure campaign against Tehran. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published editors. Read Also: Iran's Supreme Leader Mojtaba Khamenei Warns of ‘Immediate’ Response If Trump Resumes Strikes After Midterms Image via Shutterstock/ Maxim Elramsisy