US sanctions 4 Indian companies for buying oil from Iran

The United States has imposed sanctions on four Indian companies for engaging in crude oil and petroleum transactions with Iran. This decision aligns with the Trump administration's strategy to increase pressure on Iran by restricting its financial channels. The Office of Foreign Assets Control (OFAC) of the US Treasury Department has implemented these sanctions, which also extend to individuals and entities from multiple other countries.

According to the US State Department, 30 individuals and four Indian firms have been blacklisted. Among them, Navi Mumbai-based Flux Maritime LLP, BSM Marine and Austenship Management Private Limited from NCR, and Thanjavur-based Cosmos Lines have been named. These companies allegedly managed or facilitated the transportation of Iranian oil, leading to the imposition of restrictions.

The sanctions particularly target three of these companies for handling Iranian crude oil shipments, while Cosmos Lines has been penalized for actively participating in transporting Iranian petroleum. Additionally, the US has imposed restrictions on oil brokers based in the UAE and Hong Kong, along with tanker operators from India and China.

A statement from the US government claims that Iran utilizes its oil revenues to support extremist activities, develop nuclear threats, and expand its ballistic missile program. By curbing Iran’s economic activities, the US aims to limit its ability to fund such programs. The sanctioned companies are accused of facilitating the transport of millions of barrels of Iranian oil to Asian markets, violating US policies aimed at isolating Iran’s economy.

The Trump administration has repeatedly taken a firm stance against Iran, arguing that Iran’s financial gains from oil exports pose a global security risk. The US accuses Iran of using these funds to finance terrorist organizations and destabilize international peace. Washington has vowed to take action against any entity involved in Iranian oil trade, reinforcing its strict economic policies against the nation.

This is not the first time Indian firms have faced such penalties. In October last year, the US imposed sanctions on Gabbaro Ship Services, an India-based company, for its involvement in similar transactions. Additionally, in August and September of the previous year, three other Indian companies faced restrictions for transporting Russian liquefied natural gas (LNG). The recent actions highlight the US government's ongoing efforts to curb financial flows supporting Iran and its allies.