US sanctions 2 Indian firms for transporting Iranian oil
The United States has slapped sanctions on 35 entities and ships, including two Indian firms, for transporting Iranian oil to other countries. The sanctioned entities include two from India: Vision Ship Management LLP, which manages and operates the PHONIX, and Tightship Shipping Management (OPC) Private Limited. The US Department of Treasury announced the measures on Tuesday, citing Iran's attack against Israel on October 1 and its nuclear program advancements.
Sanctions target Indian firms involved in Iranian oil transport
According to the Treasury, Thane-based Vision Ship Management LLP manages three sanctioned ships. One of the vessels has been carrying millions of barrels of Iranian crude oil for China Concord Petroleum Company since 2022. Mumbai-based Tightship Shipping Management manages at least four sanctioned vessels. Bradley T Smith, the US Acting Under Secretary for Terrorism and Financial Intelligence, said that "Iran continues to funnel revenues from its petroleum trade toward the development of its nuclear program," among other things.
US vows to disrupt Iran's illicit petroleum trade
He reiterated the US's commitment to disrupting operations enabling these illicit activities with all available tools and authorities. Iran uses a range of tactics to move sanctioned oil, including a network of tankers and ship management firms across several jurisdictions. These tactics also include false documentation and manipulation of vessel tracking systems.
