US sanctions Indian and Turkish firms for aiding Iran's oil trade

On November 4, 2026, the U.S. Treasury Department imposed sanctions under 'Operation Economic Outcast' against Chandigarh-based Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid, nine Indian entities, and Turkish firm Fugo Ground Services Inc for aiding Iran's oil trade and aviation sector. The action targets a vast maritime fraud scheme providing false flags and fake registrations to sanctioned oil tankers. The sanctions follow U.S. midterm elections where Democrats gained congressional control amid public discontent over Iran war inflation.

US sanctions on Indian firms

• ▪The U.S. Treasury Department targeted India-based entities including Oceaniek Technologies India, Aryavart Ship Management, Precept Trends, Polynesia Maritime, Alexarya Finserv, Alexarya Media and Entertainment, Viharaboating, and Aryavart Maritime and Educational Trust for their links to Suniel Kumar Sharma's network
• ▪The U.S. Treasury Department imposed sanctions on Chandigarh-based Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid, Indian nationals Ashwani Kumar Dhiman and Ishwinder Singh, and nine connected Indian entities

Turkish firm sanctions

• ▪The U.S. Treasury Department sanctioned Turkey-based Fugo Ground Services Inc
• ▪U.S. Treasury Secretary Scott Bessent stated under the Trump administration's Operation Economic Outcast that the U.S. government will continue sanctioning anyone supporting the Iranian regime by land, sea, or air

Sharma network maritime fraud

• ▪The US Treasury alleged Suniel Kumar Sharma and Jaspreet Preeti Shahid operated a Chandigarh-based network that created web domains and fraudulent registries impersonating maritime authorities of countries including Guyana, Eswatini, Laos, Dominica, Aruba, Mali, Mozambique, Malawi, Sint Maarten, and Timor-Leste
• ▪The U.S. Treasury Department warned that false flags and fake maritime certifications allow vessels transporting Iranian petroleum to evade international regulations without indemnity insurance, creating billions of dollars in potential environmental and financial liabilities for host countries

Operation Economic Outcast

• ▪The U.S. Treasury Department issued the November 4, 2026 sanctions under Operation Economic Outcast, a Trump administration initiative designed to cut off Iran's ability to sell oil and generate revenue to fund the war with the U.S. and Israel
• ▪U.S. Treasury Secretary Scott Bessent stated under the Trump administration's Operation Economic Outcast that the U.S. government will continue sanctioning anyone supporting the Iranian regime by land, sea, or air