International Desk
25 February
Ludhiana
Sandeep Dhand
The United States has imposed sanctions on 16 companies, including four Indian firms, for their alleged links to Iran’s petroleum and petrochemical industry. The US Treasury Department issued a statement naming the Indian companies as Austinship Management Private Limited, BSM Marine LLP, Cosmos Lines Inc, and Flux Maritime LLP.
According to the statement, the US State Department identified these entities for their involvement in Iran’s oil sector and decided to take strict action against them. The sanctions are part of Washington’s continued efforts to curb Iran’s energy trade, which it claims is being used to support illicit activities.
In addition to these sanctions, the State Department, in collaboration with the Treasury Department’s Office of Foreign Assets Control (OFAC), has also taken action against 22 individuals. Furthermore, 13 vessels linked to these entities have been designated as sanctioned assets in various regions.
The US has been enforcing strict measures against companies and individuals accused of facilitating Iran’s oil trade, citing concerns over its nuclear program and regional influence. These sanctions will restrict the affected companies and individuals from engaging in transactions within the US financial system and limit their global business operations.
Officials in India and other affected countries are yet to respond to these developments. However, the sanctions are expected to have a significant impact on the companies involved, further straining business relations with the US.