US sanctions Indian and Turkish firms and individuals over Iran links

WASHINGTON: The United States Treasury Department on Wednesday announced new sanctions on companies and individuals based in India and Turkey over alleged links with Iran.

The move was made under the Trump administration’s campaign “Operation Economic Outcast”, which aims to end Iran’s ability to sell oil.

According to the Treasury Department, the sanctions hit India’s Sunil Kumar Sharma, his wife Jaspreet Preeti Shahid and two other Indian nationals, who head two of his businesses. Nine entities linked to Sharma have also been designated.

The US department alleges that the network provided fake flags and certificates to sanctioned vessels carrying Iranian petroleum. These include vessels that work for the Iranian military and its allied groups.

According to the Treasury Department, fake maritime registration allows vessels to evade international rules on crew safety and environmental protection. Vessels under false flags may also lack valid insurance.

In a separate action, a Turkey-based company, Fogo, was designated for continuing to support Iran’s aviation sector, which is under heavy sanctions.

The Treasury Department said last week that its actions were severely damaging Iran’s economy, that the Iranian rial had fallen further in value and that Inflation in the country had reached nearly 90 per cent.