Key facts
- Treasury said Sharma's network gave false flags and certifications to sanctioned vessels carrying Iranian petroleum, including vessels working for the Iranian military and its proxies.
- Treasury said it sanctioned Turkey-based Fugo Group Services Inc for ongoing support of Iran's heavily sanctioned aviation sector.
- The sanctions are part of the Trump administration's Operation Economic Outcast, which Treasury says aims to cut off Iran's oil revenue.
- Treasury said last week its actions were driving the rial to new lows and domestic inflation to around 90%.
The US Treasury on November 4 issued sanctions against companies and individuals based in India and Turkey for their ties to Iran, and warned it would continue to pursue anyone who supported the Iranian government.
Treasury said the action targeted what it called "the vast criminal network" run by India-based Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid, and two other Indian citizens who head two of the couple's businesses, as well as nine separate entities connected to Sharma. The department said in a statement that "their schemes have provided false flags and certifications to sanctioned vessels involved in transporting Iranian petroleum, including vessels operating on behalf of the Iranian military and its proxies."
The department also sanctioned Turkey-based Fugo Group Services Inc for its ongoing support of Iran's heavily sanctioned aviation sector.
The measures are part of the Trump administration's "Operation Economic Outcast," which the report says aims to cut off Iran's ability to sell oil to fund the war with the United States. Treasury said last week that its actions were decimating Iran's economy, driving the rial currency to new lows and sending domestic inflation rates to levels around 90%.