In brief
On November 4, the Treasury announced fresh sanctions targeting Indian-based Suniel Kumar Sharma’s network and Turkey’s Fugo Ground Services for facilitating Iran’s oil and aviation sectors. The action, part of the Operation Economic Outcast, follows Democrats taking control of Congress and reflects efforts to curb Iran’s financial capacity. Treasury Secretary Scott Bessent warned that anyone aiding Tehran would face further sanctions.
Washington — The U.S. Treasury announced sanctions on Wednesday against a group of Indian and Turkish firms and individuals for their assistance to Iran, adding new targets to its long‑running push against Tehran’s oil trade and aviation network.
Officially part of the Trump administration’s “Operation Economic Outcast,” the action aims to limit Iran’s ability to sell oil that finances its conflict with the United States and Israel. The Treasury said the latest measures would continue to go after everyone who supports the Iranian government.
The sanctions focus on 12 entities and individuals linked to Suniel Kumar Sharma, an Indian businessman. The Treasury identified Sharma, his wife Jaspreet Preeti Shahid, and two other Indian citizens who head two of the couple’s businesses, as well as nine entities connected to Sharma. The network allegedly provided false flags, certifications and other fraudulent services that allowed sanctioned Iranian vessels—including those operated for Tehran’s military and proxies—to evade international safety and environmental rules.
In addition, the Treasury sanctioned Turkish firm Fugo Ground Services Inc for “ongoing support of Iran’s heavily sanctioned aviation sector.” Fugo has been accused of providing services that sustain the Iranian air transport industry.
“We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air,” Treasury Secretary Scott Bessent said in a statement. In a separate comment, Bessent stressed that the U.S. government would persist in targeting individuals and companies that aid Tehran.
The Treasury’s announcement came a day after Democrats took major gains in the mid‑term elections and gained control of both houses of Congress. The Treasury noted that the new sanctions were part of an effort to blunt Iranian financing and that, according to its data, the measures “are decimating Iran’s economy, driving the rial currency to new lows and sending domestic inflation rates to levels around 90%.”
“We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air,” Bessent said. The Treasury’s statement highlighted that the U.S. would not relent in its economic warfare against Iran, even after the political shift in Washington.
