US Sanctions Indian Businessman and Wife Over Alleged Iran Oil Trade Links

The United States has imposed sanctions on Indian businessman Sunil Kumar Sharma and his wife, Jaspreet Preeti Shahid, along with several other individuals and companies based in India and Türkiye. The action follows allegations that they helped Iran circumvent international restrictions on oil exports. According to the US Treasury Department, Sharma, his wife and two other Indian nationals, as well as nine companies linked to him, have been added to the sanctions list. The department alleged that they were involved in Iran’s petroleum transportation network and helped provide false identification and certification documents to vessels already under sanctions. It also accused them of offering similar services to ships operated by Iran’s military and affiliated organisations.

The sanctions are part of the US campaign known as Operation Economic Outcast, aimed at restricting Iran’s financial resources and isolating the country internationally. Washington has repeatedly warned that entities supporting the Iranian government could also face punitive measures. A Türkiye-based company, Fugo Ground Services, has also been included in the latest list over allegations that it supported Iran’s aviation sector. US Treasury Secretary Scott Bessent reiterated the administration’s warning, saying that the US would identify those supporting Iran and impose sanctions on them. The latest move comes after the US midterm election results.