Austinship Management Pvt Ltd, BSM Marine LLP, Cosmos Lines Inc, and Flux Maritime LLP are the Indian firms that have been sanctioned, as per a press release issued by the treasury department.
The state department announced in a press release that this is the second round of sanctions that have been implemented to target Iranian crude sales since President Donald Trump issued a national security memorandum on February 4, which directed a campaign of maximum pressure on Iran.
“The US Department of State is today designating 16 entities and vessels for their involvement in Iran’s petroleum and petrochemical industry,” according to the announcement.
In addition, the Department of State and the Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on 22 individuals and designated 13 vessels as blocked property across multiple jurisdictions due to their involvement in Iran’s hydrocarbon industry.
“This network of illicit shipping facilitators conceals and deceives its involvement in the loading and transportation of Iranian oil for sale to buyers in Asia.” It has transported tens of millions of barrels of crude oil, which are valued at hundreds of millions of dollars. The action taken today is the first step in the realization of President Trump’s campaign of maximal pressure on the Iranian regime. The statement stated that it impedes Iran’s efforts to accumulate crude revenues for the purpose of financing terrorist activities.
“We will continue to disrupt such illicit funding streams for Iran’s malign activities,” according to the statement.
