US sanctions 4 Indian companies involved in Iranian crude oil trade

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.

- RAKESH KUMAR @ New Delhi

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.

According to the OFAC, the sanctioned vessels are responsible for shipping tens of millions of barrels of crude oil, valued at hundreds of millions of dollars. The firms include Austenship Management Private Ltd (Noida), BSM Marine Ltd (Gurgaon), Cosmos Lines (Thanjavur), and Flux Maritime (Navi Mumbai).