Major U.S. Action: Sanctions on Indian Firms for Petroleum Trade with Iran

Washington : The United States on Monday imposed sanctions on 16 companies, including four Indian firms, over their alleged ties with Iran’s petroleum and petrochemical industries.

According to a statement from the U.S. Department of the Treasury, the sanctioned Indian companies include Austenship Management Private Limited, BSM Marine LLP, Cosmos Lines Inc., and Flux Maritime LLP.

The statement further mentioned that the U.S. State Department, in collaboration with the Office of Foreign Assets Control (OFAC) of the Treasury Department, has imposed these sanctions. Additionally,22 individuals and 13 ships linked to Iran’s oil industry have also been designated as blocked property.

These sanctions are seen as the latest effort by the U.S. to exert economic pressure on Iran, potentially impacting foreign transactions in the petroleum and petrochemical sectors.