US sanctions two Mumbai-based firms, five Indians over alleged Iran oil trade

The United States on Thursday imposed sanctions on two Mumbai-based companies and five Indian nationals over alleged involvement in trading petroleum products originating from Iran.

The US Department of State targeted SSPL Solutions Private Limited and Samudra Marine Services Private Limited for allegedly facilitating the import of Iranian petroleum products.

The five individuals named in the action are Dhwani and Nisarg Vora, who are associated with SSPL Solutions, and Ketan Kochikar, Bhupendrasingh Sahu and Harishyam Hariharan Chundakattil, who are linked to Samudra Marine Services. They have been barred from carrying out transactions involving their respective companies, according to the statement.

The action is part of Washington's measures against Iran under what it calls Operation Economic Outcast.

“The Department of State is sanctioning ten entities, six individuals, and five vessels in connection with trade in Iranian-origin petroleum, petroleum products, and petrochemical products,” an official statement said. 

The State Department alleged that the entities had channelled millions of dollars to the Iranian regime, strengthening a major source of its revenue and enabling what it described as continued illicit activities. 

The department said the US was targeting both buyers and sellers involved in the trade of Iranian petrochemical products. 

However, the US has permitted Samudra Marine Services to wind down its transactions until October 23. A wind-down period allows businesses to conclude existing transactions and exit operations before sanctions take full effect.

Separately, the US Treasury Department sanctioned 17 entities and vessels associated with Iran's so-called shadow fleet, with the stated aim of cutting off revenue to the Iranian government.

“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,” Treasury Secretary Scott Bessent said. 

“No enabler of Iranian sanctions evasion is safe from the full force of Treasury's authorities,” he added.  (with inputs from PTI)