US sanctions four Indian companies
Last Updated on February 26, 2025 6:34 am
The United States has imposed sanctions on four Indian entities. The sanctions have been imposed for their alleged involvement in the sale and transportation of petroleum products to Iran. This information was given by the US government. News Indian Express.
According to information provided by the US government’s Office of Foreign Assets Control and the State Department, the four Indian entities are Flux Maritime LLP, BSM Marine LLP, Austinship Management Private Limited and Cosmos Lines Inc.
Of these four entities, Cosmos Lines Inc. has been brought under sanctions for its alleged involvement in the transportation of Iranian petroleum products. The remaining three entities are accused of being involved in the commercial or technical management of various vessels transporting Iranian fuel oil and petroleum products.
US Treasury Secretary Scott Besant said that Iran is relying on a secret network of vessels, transporters and intermediaries to increase its fuel oil sales and raise funds for its destabilizing activities.
Scott Besant also said that the United States will use all its tools to target all areas of Iran’s oil supply system. And those who work with Iranian oil will also face significant risks from sanctions. Because there are large-scale sanctions on Tehran. Many countries and institutions do not buy Iranian oil directly.
A statement from the US government yesterday said that despite the sanctions, the Iranian oil trade is continuing. Iranian oil tankers under sanctions are supplying oil to non-sanctioned vessels outside the port area. The oil is then delivered to foreign buyers. Tehran is using the money from the sale of this oil to support the Iranian military and various armed groups they support, which are involved in various activities that create regional instability.
The US Treasury Department said in a press release yesterday that in addition to four Indian institutions, various institutions in the United Arab Emirates, Hong Kong and China have been sanctioned for their involvement in the sale and transportation of Iranian oil. In addition, the head of Iran’s state-owned energy company, the National Iranian Oil Company, and the Iranian Oil Terminals Company have been placed on the sanctions list.
Entities subject to US sanctions are subject to import or export bans, a ban on trade with them, the freezing of their assets, and restrictions on the use of the banking systems and currencies of one or more countries.
The country currently subject to the largest scale of US sanctions is Russia. Washington imposed a series of sanctions on Moscow after the invasion of Ukraine began three years ago. In addition, the US has sanctions on individuals and institutions from various countries, including Iran, North Korea, and China.