The United States has imposed sanctions on two Mumbai-based companies and five Indian nationals accused of involvement in the trade of petroleum products originating in Iran, as Washington intensifies its efforts to cut off revenue streams supporting the Iranian regime.
The US Department of State named SSPL Solutions Private Limited and Samudra Marine Services Private Limited in its latest action, alleging that the companies facilitated imports of Iranian petroleum products. The move forms part of the broader US crackdown on Iran under Operation Economic Outcast.
Five individuals associated with the two firms have also been targeted. Dhwani Vora and Nisarg Vora are linked to SSPL Solutions, while Ketan Kochikar, Bhupendrasingh Sahu and Harishyam Hariharan Chundakattil are associated with Samudra Marine Services. They have been blocked from carrying out transactions connected with their respective companies.
US targets entities linked to Iranian oil trade
In an official statement, the State Department said it was imposing sanctions on 10 entities, six individuals and five vessels over trade involving Iranian-origin petroleum, petroleum products and petrochemical products.
The department alleged that the targeted entities had channelled millions of dollars to the Iranian regime, strengthening a key source of its revenue and enabling what Washington described as its continued illicit activities.
“The US government is imposing sanctions on both the buyers and sellers driving this trade in Iranian petrochemical products,” the department said.
Samudra Marine given time to wind down transactions
Despite the sanctions, the US has authorised Samudra Marine Services to wind down its transactions until October 23.
A wind-down period is a temporary authorisation that allows parties to complete existing business arrangements and bring their operations to an orderly close before sanctions or liquidation measures take full effect.
Treasury expands action against Iran's shadow fleet
Separately, the US Department of the Treasury sanctioned 17 entities and vessels associated with Iran's shadow fleet, in a move aimed at depriving Tehran of funds generated through oil-related activities.
US Treasury Secretary Scott Bessent said the measures were intended to restrict the Iranian regime's financial resources.
“Treasury is starving the tyrannical regime in Tehran of the money it uses to wage war in the region, and we will continue exposing those who enable the regime's oil sales,” Bessent said.
He added that those helping Iran evade sanctions would face the full force of the department's enforcement powers.
“No enabler of Iranian sanctions evasion is safe from the full force of Treasury's authorities,” he said.