Operation Economic Outcast | US sanctions two Mumbai firms, five Indian nationals over alleged Iran oil trade

Washington: The United States has imposed sanctions on two Mumbai-based companies and five Indian nationals over their alleged involvement in trading petroleum products originating from Iran.

The US Department of State targeted SSPL Solutions Private Limited and Samudra Marine Services Private Limited, accusing them of facilitating the import of Iranian petroleum products.

The action also covers two individuals associated with SSPL Solutions, Dhwani Vora and Nisarg Vora, and three linked to Samudra Marine Services — Ketan Kochikar, Bhupendrasingh Sahu and Harishyam Hariharan Chundakattil. They have been barred from carrying out transactions involving their respective firms under the sanctions.

The measures are part of the US campaign against Iran under Operation Economic Outcast.

“The Department of State is sanctioning ten entities, six individuals, and five vessels in connection with trade in Iranian-origin petroleum, petroleum products, and petrochemical products,” the department said in an official statement.

According to the State Department, the targeted entities channelled millions of dollars to the Iranian regime, supporting a key source of revenue and enabling what Washington describes as Iran’s illicit activities.

“The US government is imposing sanctions on both the buyers and sellers driving this trade in Iranian petrochemical products,” the department said.

Samudra Marine gets temporary wind-down period

The US has authorised Samudra Marine Services to carry out certain wind-down transactions until October 23.

A wind-down period allows parties to complete specified existing business activities and terminate operations in an orderly manner before sanctions fully restrict those transactions. The authorisation does not amount to a general exemption from the sanctions.

Separately, the US Treasury Department sanctioned 17 entities and vessels linked to Iran’s so-called shadow fleet as part of efforts to restrict the country’s oil revenues.

“Treasury is starving the tyrannical regime in Tehran of the money it uses to wage war in the region, and we will continue exposing those who enable the regime's oil sales,” Treasury Secretary Scott Bessent said.

“No enabler of Iranian sanctions evasion is safe from the full force of Treasury's authorities,” he added.