The United States has imposed sanctions on Indian nationals and companies allegedly involved in facilitating Iran's oil trade. A Turkish aviation services company has also been targeted. The US Treasury Department accused the individuals and entities of helping Iran evade American sanctions.
The action was announced by the US Treasury Department on Wednesday, November 4, 2026, as Washington stepped up economic pressure on Tehran. According to the allegations, a business network operating from India provided fraudulent documents to vessels transporting Iranian oil. A Turkish company was separately accused of providing services to Iranian airlines already subject to US sanctions.
The sanctions primarily target Chandigarh-linked businessman Sunil Kumar Sharma and his wife, Jaspreet Preeti Shahid. The US Treasury Department alleged that the couple established a network through several companies that enabled sanctioned vessels transporting Iranian oil to conceal their identities and continue operating.
US authorities have also added nine entities linked to the network to the sanctions list. Indian nationals Ashwani Kumar Dhiman and Ishwinder Singh have also been targeted. Their names emerged in connection with Sharma's business network.
The sanctioned entities include Oceaniek Technologies India, Aryavart Ship Management Private Limited, Precept Trends Private Limited and Polynesia Maritime Private Limited.
According to the US Treasury Department, the India-linked network produced fraudulent documents for vessels transporting Iranian oil. These included ship registration documents and safety certificates.
Using these documents, vessels already restricted by the United States allegedly operated at sea under the identities of other countries.
US officials said the network used the names of countries including Guyana, Laos and Eswatini. Individuals associated with the network allegedly presented themselves as authorised organisations responsible for issuing ship-related documents on behalf of these countries. They also operated websites claiming to provide vessel registration and safety certification services.
The US government alleged that the arrangement benefited Iranian vessels linked to the country's military and affiliated organisations.
The Treasury Department also warned that vessels operating with fraudulent documentation could increase the risk of maritime accidents. Such vessels may not have the necessary insurance coverage. In the event of a sinking, collision or oil spill, the absence of adequate insurance could create difficulties in determining who would be responsible for the resulting losses.
Alongside the Indian individuals and entities, the United States has added Turkey-based Fugo Ground Services Inc to its sanctions list.
The company has been accused of providing essential airport services to Iranian airlines subject to US sanctions. According to the US Treasury Department, Fugo Ground Services had direct service agreements with several Iranian aviation companies.
These included Iran Air Tour, Saha Airlines, Sepehran Airlines and Taban Airlines.
The US authorities alleged that the services provided by the Turkish company helped these sanctioned Iranian airlines continue their operations.
The United States launched Operation Economic Outcast on August 24, 2026, to restrict Iran's oil revenues.
Under the initiative, the Trump administration is targeting companies that continue purchasing Iranian oil or facilitate payments to Iran despite US restrictions.
Washington maintains that Iran uses revenue generated from oil sales to support its military and other affiliated organisations. As a result, the United States is also monitoring foreign companies conducting business with Iran and investigating entities suspected of helping the country circumvent sanctions.
Last week, the US Treasury Department said the sanctions had caused significant economic damage to Iran. It claimed that the Iranian currency, the rial, had fallen to a record low, while inflation in the country had reached approximately 90%. The department also said the economic situation was increasing difficulties for ordinary people.
