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US sanctions 4 Indian companies involved in Iranian crude oil trade
The New Indian Express Tadepalligudem
|February 26, 2025
THE US has sanctioned more than 30 companies, vessels, and individuals worldwide, including four Indian companies for their alleged involvement in the trade and transportation of Iranian crude oil and petroleum products.
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) described this action as part of a pressure campaign aimed at reducing Iran's oil exports to zero. As per the OFAC, the sanctioned vessels are responsible for shipping tens of millions of barrels of crude oil, valued at hundreds of millions of dollars. "Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilising activities," said Secretary of the Treasury Scott Bessent.
This story is from the February 26, 2025 edition of The New Indian Express Tadepalligudem.
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