World

US Targets Two Mumbai Firms and Five Indians for Alleged Iran Oil Trade

By Yashasvi Vasistha

The United States imposed sanctions on Thursday against two Mumbai-based companies and five Indian nationals for alleged involvement in the trade of petroleum products from Iran. The Department of State named SSPL Solutions Private Limited and Samudra Marine Services Private Limited as entities that allegedly facilitated the import of Iranian petroleum. Five individuals linked to the firms were also sanctioned: Dhwani Vora and Nisarg Vora from SSPL Solutions, and Ketan Kochikar, Bhupendrasingh Sahu, and Harishyam Hariharan Chundakattil from Samudra Marine Services. The sanctions are part of the U.S. effort known as "Operation Economic Outcast," which seeks to curb Iran’s revenue from petroleum trade. The State Department stated that the targeted entities channeled millions of dollars to the Iranian regime, supporting what it described as one of Tehran’s most important revenue streams and enabling continued illicit conduct. The department also announced that it would allow Samudra Marine Services to wind down existing transactions until October 23, giving parties time to complete current deals before full sanctions take effect.

Separately, the Treasury Department sanctioned 17 entities and their associated shadow‑fleet vessels as part of the same campaign to restrict Iranian oil revenues. Treasury Secretary Scott Bessent said the measures were intended to deprive the Iranian regime of the money it uses to wage war in the region. A Treasury official described the action as the "most significant blow yet to Iran’s remaining illicit maritime infrastructure," noting that the operation aims to cut Tehran’s funding for war, missile construction, cyberattacks, and the Islamic Revolutionary Guard Corps. The sanctions follow the U.S. reimposition of a blockade of Iranian ports on July 14 after a memorandum of understanding between Washington and Tehran broke down. A Treasury official noted that Iran had about 20 million barrels of crude oil on vessels outside the blockade, while the global oil market consumes roughly 100 million barrels per day.