US sanctions four Indian firms for ‘involvement’ in Iran’s oil industry

The sanctioned Indian firms are Austinship Management Pvt Ltd, BSM Marine LLP, Cosmos Lines Inc, and Flux Maritime LLP

 Washington: Four Indian companies are among 16 firms sanctioned by the US on Monday for their alleged involvement in Iran’s petroleum and petrochemical industry.

According to a press release issued by the treasury department, the sanctioned Indian firms are Austinship Management Pvt Ltd, BSM Marine LLP, Cosmos Lines Inc, and Flux Maritime LLP.

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This marks the second round of sanctions targeting Iranian oil sales since President Donald Trump issued a national security memorandum on Feb 4, ordering a campaign of maximum pressure on Iran, the state department said in a press statement.

“The US Department of State is today designating 16 entities and vessels for their involvement in Iran’s petroleum and petrochemical industry,” the statement said.

The Department of State, along with 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 across multiple jurisdictions for their involvement in Iran’s oil industry.

“This network of illicit shipping facilitators obfuscates and deceives its role in loading and transporting Iranian oil for sale to buyers in Asia. It has shipped tens of millions of barrels of crude oil worth hundreds of millions of dollars. Today’s action represents an initial step to realise President Trump’s campaign of maximum pressure on the Iranian regime. It disrupts efforts by Iran to amass oil revenues to fund terrorists’ activities,” the statement said.

“We will continue to disrupt such illicit funding streams for Iran’s malign activities,” it added.