US Sanctions Two Mumbai Firms, Five Indians Over Iran Oil Trade

The United States on Thursday imposed sanctions on two Mumbai-based firms and five Indian nationals over allegations of involvement in the trade of petroleum products originating from Iran, as Washington intensified efforts to cut off Tehran’s oil revenues and disrupt international networks facilitating its exports.

The US Department of State targeted SSPL Solutions Private Limited and Samudra Marine Services Private Limited for allegedly facilitating imports of Iranian petroleum products. Those named include Dhwani Vora and Nisarg Vora, associated with SSPL Solutions, and Ketan Kochikar, Bhupendrasingh Sahu and Harishyam Hariharan Chundakattil, linked to Samudra Marine Services.

The action forms part of Operation Economic Outcast, under which Washington is targeting networks accused of financing Iran through petroleum and petrochemical trade. The State Department said its action covered 10 entities, six individuals and five vessels, alleging that the networks channelled millions of dollars to the Iranian government.

Samudra Marine Services has been authorised to wind down specified transactions until October 23, 2026. The temporary provision allows eligible existing business to be concluded or terminated under the authorisation’s conditions; it does not permit unrestricted dealings with sanctioned parties.

Separately, the US Treasury Department sanctioned 17 vessels associated with Iran’s so-called shadow fleet, along with connected companies. These networks allegedly transport Iranian crude oil, bitumen, naphtha, methanol, liquefied petroleum gas and other products through international shipping routes.

Among the vessels identified were Paritosh, Bitu, Starway, Gas Lucky, G Spring, Kanha, King Chain and Tina 5. The Treasury cited alleged shipments involving destinations in China, the Middle East and India, highlighting the international reach of Iran’s petroleum-trading network.

The measures build on earlier US enforcement actions, including sanctions announced in February 2025 against individuals, companies and vessels accused of facilitating Iranian petroleum exports. Washington has increasingly targeted brokers, vessel operators and intermediaries, alleging that ship-to-ship transfers and complex ownership arrangements help conceal cargo origins.

Treasury Secretary Scott Bessent said the United States would continue targeting those enabling Iran’s oil sales and restricting revenues that Washington says support military activities and regional operations.

The sanctions could prompt banks, insurers, shipping companies and trading partners to reassess dealings with the designated parties. Indian businesses engaged in international energy trade may face increased scrutiny over cargo origins, vessel ownership and counterparty checks. However, the action targets specific parties and does not constitute a blanket restriction on Indian petroleum trade. The allegations do not, by themselves, establish criminal guilt.