The United States Treasury Department imposed fresh economic sanctions on November 4, 2026, targeting individuals and companies in India and Turkey accused of supporting Iran's oil and aviation sectors. The measures, announced under President Donald Trump's Operation Economic Outcast, aim to restrict Tehran's ability to generate revenue and evade international sanctions through maritime and aviation networks.
The latest action targets Indian businessman Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid and two other Indian nationals, Ashwani Kumar Dhiman and Ishwinder Singh. Nine companies and entities connected to Sharma's business network were also designated.
According to the Treasury Department, Sharma and Shahid allegedly operated a maritime fraud network that impersonated regulatory authorities in several countries, including Guyana, Eswatini and Laos. The network allegedly issued fraudulent vessel registrations, flags and maritime certifications, allowing ships transporting Iranian petroleum to continue operating despite international restrictions.
The department said some of the vessels provided with false documentation operated on behalf of the Iranian military and its affiliated groups. The alleged activities involved creating websites and organisations that claimed to provide maritime services on behalf of governments that had not authorised them.
Treasury Secretary Scott Bessent said Washington would continue targeting individuals and businesses supporting the Iranian government.
"We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air," Bessent said in a statement.
The sanctions also extend to Turkey-based Fugo Ground Services Inc, which Washington accused of providing ground-handling and other services to airlines operating in Iran's aviation sector. The company reportedly maintained service agreements with several US-sanctioned Iranian carriers, including Iran Air Tour, Saha Airlines, Sepehran Airlines, Varesh Airlines, Taban Airlines and Ata Airlines.
The US government said Fugo continued providing services to some of the airlines after they were designated under American sanctions in September 2026.
Under the measures, assets belonging to designated individuals and companies within US jurisdiction or controlled by US persons are frozen. American individuals and businesses are also generally prohibited from conducting transactions with the sanctioned parties without authorisation.
Foreign financial institutions and businesses could face additional sanctions exposure if they facilitate prohibited transactions involving designated entities.
The latest designations expand Washington's efforts to restrict Iran's access to international financial networks, oil markets and aviation services. The Treasury Department is expected to continue investigating networks suspected of helping Tehran circumvent existing restrictions.
