'You are either with us or against us': US targets Indian businessman, wife in fresh sanctions over Iran oil trade

The US Treasury Department announced the sanctions under the Trump administration's 'Operation Economic Outcast', aimed at preventing Iran from selling oil to fund its war against the US and Israel.

Indian businessman, wife among those sanctioned

India-based businessman Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid and two other individuals heading businesses linked to the couple are among those targeted by the sanctions.

Nine entities associated with Sharma have also been sanctioned for allegedly facilitating Iran's evasion of US oil restrictions.

US alleges maritime fraud

The Treasury Department has alleged that the couple supported Iran's shadow fleet through an elaborate maritime fraud network.

"Their schemes have provided false flags and certifications to sanctioned vessels involved in transporting Iranian petroleum, including vessels operating on behalf of the Iranian military and its proxies," the Department said.

Scott Bessent warns of further action

US Treasury Secretary Scott Bessent said the administration would continue targeting individuals and entities supporting the Iranian regime.

“As we have said many times, under Operation Economic Outcast, you are either with us or against us,” Bessent said.

“We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air.”

What are the allegations levelled by the US Treasury Department?

For years, Suniel Kumar Sharma (Sharma) and his wife, Jaspreet Preeti Shahid (Shahid), have, through their base in Chandigarh, India, defrauded maritime regulatory administrations in multiple jurisdictions in order to establish false flagging authorities and maritime classification societies, the Department said.

Purporting to represent nations from nearly every continent, from Guyana to Eswatini and Laos, Sharma and Shahid have allowed the Iranian shadow fleet, including those operating on behalf of the Iranian military and its proxies, to evade international restrictions on their operation, it added.

Sharma and Shahid’s operations began as early as 2014, when the couple sought to impersonate the flagging authority of the Caribbean nation of Dominica.