WASHINGTON — The U.S. Treasury issued fresh sanctions on Wednesday against companies and individuals based in India and Turkey for their support of Iran, warning that it would continue to go after anyone who supported the Iranian government.
The sanctions are part of the Trump administration's "Operation Economic Outcast," which aims to cut off Iran's ability to sell oil to fund the war with the U.S. and Israel. The operation was announced by Treasury Secretary Scott Bessent on August 24, 2026.
Treasury said Wednesday's action targeted what it called "the vast criminal network" run by India-based Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid, and two other Indian citizens who head two of the couple's businesses, as well as nine separate entities connected to Sharma. The network was accused of facilitating Iran's shadow fleet through fraudulent maritime registrations and certifications, helping sanctioned vessels transport Iranian petroleum and evade international restrictions.
The department also sanctioned Turkey-based Fugo Ground Services Inc for its ongoing support of Iran's heavily sanctioned aviation sector. Fugo provided ground handling and other services to several U.S.-sanctioned Iranian airlines that continued to fly to Turkey, including Iran Air Tour, Saha Airlines, Taban Airlines and Ata Airlines, Treasury said.
Treasury Secretary Scott Bessent said the U.S. government would continue to go after anyone who supported Tehran. The sanctions freeze the U.S.-linked assets of designated persons, prohibit most dealings with them and extend curbs to companies of which they own at least 50 percent.
Treasury's Office of Foreign Assets Control also issued a new alert to industry, warning of the sanctions risk of dealing with potentially false-flagged vessels. The action came as the U.S. also warned shippers against paying tolls or fees to Iran for passage through the Strait of Hormuz, saying such payments risked sanctions.
