U.S. Sanctions Hit Global Oil Trade: India-Based Entities Targeted

The U.S. has imposed sanctions on entities and vessels, including two from India, for transporting Iranian oil. This move aims to cut Iran's resources for its nuclear and ballistic programs. The sanctions affect various international entities, reinforcing the U.S. stance against Iran’s controversial activities.

The United States has expanded its sanctions to target 35 entities and vessels for the transport of Iranian oil, implicating two companies from India: Vision Ship Management LLP and Tightship Shipping Management (OPC) Private Limited. This move is part of a broader effort to curb Iran's capacity to finance its nuclear ambitions and regional proxy activities.

The U.S. Department of Treasury indicated that the sanctions are a response to Iran's aggressive actions, including an attack on Israel and nuclear developments, as previously sanctioned on October 11. Revenues from Iran's petroleum sector are said to finance nuclear programs, missile development, and support for terrorism.

Bradley T Smith, Acting Under Secretary for Terrorism and Financial Intelligence, reiterated the U.S.'s determination to disrupt Iran's shadow fleet involved in circumventing these sanctions. Indian and other international entities are now under heightened scrutiny as part of these economic sanctions.

(With inputs from agencies.)