Indian Firms - Business Outrank

The US sanctions have affected four Indian companies for their association with the petroleum and petrochemical industry of Iran. On Monday, 16 companies were targeted by the US, and among them were Indian firms Austinship Management Pvt Ltd, BSM Marine LLP, Cosmos Lines Inc, and Flux Maritime LLP. This latest sanction is part of the US’s broader strategy to clamp down on Iran's oil sales, and the pressure has intensified since the Feb. 4 national security memorandum from President Donald Trump. The campaign, which seeks to limit Iran's ability to obtain oil revenues, is the second set of sanctions since the memorandum was issued. The U.S. State Department identified 16 entities and vessels that were sanctioned for their participation in Iran’s oil trade. The Department of the Treasury’s Office of Foreign Assets Control (OFAC) also imposed sanctions on 22 individuals and identified 13 vessels as blocked property in multiple regions at the same time. The sanction reveals the complex web of facilitators who hide their participation in transporting Iranian oil to customers in Asia. According to reports, this operation has transported tens of millions of barrels of crude oil, worth hundreds of millions of dollars. "This action is an important effort in furthering President Trump’s policy of maximum pressure on the Iranian regime," the statement said. It is intended to prevent the movement of oil revenue that is said to be used to sponsor malign activities, including terrorism.

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