WASHINGTON: In a rare move, the United States has imposed sanctions on four Indian companies, as well as 12 other foreign entities, for their alleged involvement in Iran’s petroleum and petrochemical trade, the State Department announced on Monday.
The move is part of Washington’s broader effort to curb Tehran’s oil revenues, which it says are used to finance destabilising activities.
The sanctions, issued under Executive Orders 13846 and 13902, target companies in India, China, the UAE, Malaysia, Seychelles, Liberia, and Panama. In total, the Office of Foreign Assets Control (OFAC) sanctioned 22 individuals and identified 13 vessels as blocked property.
Among the sanctioned Indian companies are Austinship Management Private Limited, based in Noida and South Delhi; BSM Marine LLP in Gurugram, Haryana; Cosmos Lines Inc, with a presence in Tamil Nadu and the Marshall Islands; and Flux Maritime LLP, located in Navi Mumbai, Maharashtra.
According to the US government, these entities facilitated the transport of Iranian crude oil to buyers in Asia. “This network of illicit shipping facilitators obfuscates and deceives its role in loading and transporting Iranian oil for sale,” the State Department said. “It has shipped tens of millions of barrels of crude oil worth hundreds of millions of dollars.”
The latest sanctions are part of what the administration calls an “initial step” in enforcing President Donald Trump’s maximum pressure campaign on Iran.
India and Iran have long been energy partners, but US sanctions halted India’s imports of Iranian oil in 2019. In January this year, Iran signalled its intent to resume oil exports and expand trade, including petrochemicals via the Chabahar port, despite US restrictions.
Published in Dawn, February 25th, 2025
