Four Indian Companies Sanctioned by US for Iran Oil "Transactions"

US Sanctions 4 Indian Companies for Links to Iran Oil Trade

The US has imposed sanctions on 16 companies and ships for business with Iran’s petroleum and petrochemical industry. Three of them are said to be India-based.

On February 24, the American government stated that, at a minimum, it is acting against eight firms exporting oil and petrochemical products to Iran. Eight vessels aiding these transactions were identified, blocking access to American-controlled assets. The action, as per American assertions, conforms to the policy of maximum pressure on Iran to terminate the flow of oil revenues, which US officials assert are directed towards terrorism.

Indian Companies Which Have Been Sanctioned

The United States named the following Indian companies under its latest sanction intervention:

BSM Marine LLP (Gurugram, India)
Cosmos Lines Inc (Thanjavur, Tamil Nadu)
Austinship Management Pvt Ltd (Noida, India)
Flux Maritime, Navi Mumbai

Sanctioned entities other than this include Iran’s Kangan Petro Refinery Company, Alkonost Maritime DMCC (UAE), Oceanend Shipping Ltd (Seychelles), IMS Ltd (Malaysia), and Octane Energy Group FZCO (UAE). Their ships, such as Meng Xin, Phoenix I, and Asterix have also been affected.

What does it mean to be sanctioned?

When sanctioned by the US, a company undergoes the following:

Its assets in the US, or controlled by US persons, are blocked;
Transactions with US persons or firms are banned;
Anyone who controls 50 percent of a sanctioned entity is also sanctioned.
No person or entity in the US may provide, or receive money, goods, or services from a sanctioned entity.

This is the second time that the Trump administration has sanctioned Iran-related entities. Previously, the United States targeted an Indian ship management firm and its managing director over alleged links to Iran’s military.

The new round of sanctions exposes Indian companies with links to Iranian oil to painful financial and legal challenges.

Britain Introduces Largest Sanctions Package Against Russia Since War Began

Britain unveiled its largest package of sanctions against Russia since the first days of the Ukrainian war. The new measures include targeting companies around the world that supply parts for the Russian military.

In a statement issued by the UK Foreign Office, these sanctions aim to disrupt “Russia’s military machinery” and put a plant for their third-party support.

The UK also sanctioned 40 further vessels that they say are helping Russia skirt the sanctions by transporting its oil. “Each disrupted military supply line, every rouble that is blocked, and every enabler of Putin’s aggression exposed is a step closer to a just and durable peace,” said British Foreign Minister David Lammy.

This comes at a time when former US President Donald Trump called for peace conversations concerning Ukraine, but Kyiv and its European allies had reportedly been sidelined as talks about the war’s future proceeded.