In brief
The Treasury announced sanctions on Wednesday against a group of Indian nationals led by Suniel Kumar Sharma and a Turkish firm, Fugo Ground Services, for aiding Iran’s maritime and aviation sectors. The moves are part of Operation Economic Outcast, intended to curtail Iran’s ability to sell oil and fund conflicts. Treasury Secretary Scott Bessent warned that anyone who supports the Iranian regime would face sanctions, while risk analysts noted the action signals continued economic pressure despite recent political shifts.
The U.S. Treasury announced new sanctions on Wednesday targeting Indian and Turkish entities for aiding Iran’s oil trade and aviation sector.
The sanctions are part of the Treasury’s “Operation Economic Outcast,” a program to cut Iran’s ability to sell oil and fund its conflict with the United States and Israel.
The U.S. singled out Indian businessman Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid, and two other citizens who head two of the couple’s businesses, as well as nine other entities linked to Sharma.
The department said the “vast criminal network” “has provided false flags and certifications to sanctioned vessels” carrying Iranian petroleum for the Iranian military and its proxies.
”Their schemes have provided false flags and certifications to sanctioned vessels involved in transporting Iranian petroleum,”the statement read.
The sanctions also target the Turkey‑based firm Fugo Ground Services Inc, which the Treasury accused of supporting Iran’s heavily sanctioned aviation sector.
In a statement, Treasury Secretary Scott Bessent warned that the U.S. would continue to go after anyone who supported Tehran.
“We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air,”Bessent said.
Brett Erickson, managing principal at Obsidian Risk Advisors, said the sanctions send a powerful message of escalating economic warfare by the Trump administration.
“Even after a brutal electoral defeat, Washington appears unwilling to take even the slightest step to reduce pressure,”Erickson noted.
