US sanctions 9 Indian firms, 8 nationals

CREATING ECONOMIC PRESSURE

- SUKALP SHARMA

AS PART OF its campaign of maximum economic pressure on Iran, the US has sanctioned nine India-based companies and eight Indian nationals as part of its latest Iran-related sanctions action, alleging that they have been engaged in trade of Iranian oil, petroleum products, and petrochemicals.

In the latest action, announced Thursday, the US Department of State imposed sanctions on nearly 40 individuals, entities, and vessels over their involvement in the trade of Iranian petroleum and petrochemical products. Simultaneously, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) designated 60 individuals, entities, and vessels for their roles in facilitating the shipment of oil and liquefied petroleum gas (LPG) from Iran to overseas end users. Various entities from some other countries have also been sanctioned, including China and the United Arab Emirates.