U.S. Treasury expands Iran sanctions with designations targeting maritime fraud network and Türkiye aviation services

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U.S. expands Iran sanctions

Highlights

U.S. Treasury sanctioned India-based Suniel Kumar Sharma, Jaspreet Preeti Shahid, and several companies, plus Türkiye's Fugo Ground Services Inc, for facilitating Iranian sanctions evasion under Executive Order 13902.
New designations target fake maritime registries enabling sanctioned Iranian oil shipments and Türkiye-based aviation services aiding U.S.-sanctioned Iranian airlines after their September 8, 2026 designations.
All U.S.-controlled property of designated persons is blocked, with penalties for violations and potential U.S. financial system restrictions on foreign intermediaries continuing business with Iranian interests.

Sanctions target shipping fraud and airline support

As reported by U.S. Department of the Treasury, the latest designations target India-based Suniel Kumar Sharma, his spouse Jaspreet Preeti Shahid, several related companies, and Türkiye-based Fugo Ground Services Inc under Executive Order 13902. Treasury says the maritime network helps Iran’s shadow fleet evade international controls by providing false flags and fraudulent maritime certifications, while Fugo continues servicing Iranian airlines already sanctioned by the U.S.

Treasury says falsely flagged vessels can bypass safeguards tied to crew safety, insurance and environmental protection, creating financial risks for countries whose waters they enter. Secretary of the Treasury Scott Bessent says the action forms part of Operation Economic Outcast, launched on August 24, 2026, to cut off the Iranian regime’s remaining economic lifelines and increase sanctions exposure for firms and individuals still doing business with Iran.

According to Treasury, Sharma and Shahid have operated from Chandigarh, India, for years and built a network of fake registries and websites claiming to act for multiple countries. The department says these operations have offered flagging, seafarer certification and vessel classification services without authorization from the governments they purported to represent, enabling sanctioned ships transporting Iranian oil to keep operating.

Treasury links the network to websites claiming to provide registry services for jurisdictions including Aruba, Guyana, Mali, Mozambique, Malawi, Sint Maarten and Timor-Leste. It also names Singapore-based Eswatini Maritime Affairs and International Ship Registry PTE. Ltd., India-based Oceaniek Technologies India and Aryavart Ship Management Private Limited among the entities designated, together with other India-based companies allegedly controlled by Shahid.

In a separate move, Treasury says Fugo Ground Services Inc in Türkiye provides ground handling and related services to several U.S.-sanctioned Iranian carriers, including Iran Air Tour, Saha Airlines, Sepehran Airlines, Varesh Airlines, Taban Airlines and Ata Airlines Company. The department says some of those services began within weeks of the airlines' September 8, 2026 designations.

Broader pressure on Iran-linked trade and finance

The action broadens Treasury’s campaign against what it describes as the commercial infrastructure supporting Iran’s oil exports, aviation activity and sanctions evasion. By targeting service providers outside Iran, Washington is signaling that shipping intermediaries, registry operators, handlers and other foreign facilitators risk losing access to the U.S. financial system if they continue dealing with sanctioned Iranian interests.

Treasury says all property and interests in property of the designated persons that are in the United States or controlled by U.S. persons are blocked and must be reported to OFAC. Entities owned 50% or more by blocked persons are also blocked, and U.S. persons are generally prohibited from transactions involving their property unless exempt or authorized.

The department adds that civil or criminal penalties can apply to sanctions violations by U.S. and foreign persons, and that foreign financial institutions may face restrictions on correspondent or payable-through accounts in the United States if they knowingly facilitate significant transactions for designated parties. Treasury also says the designations are intended to change behavior, while warning that Iran-related sanctions will remain enforced until conduct aligns with U.S. national security and foreign policy objectives.

In our earlier article on how the Middle East war and other conflicts are reshaping global trade, we noted that companies are redesigning supply chains and rerouting shipping to reduce exposure to recurring disruptions. We also highlighted expectations that some of these costlier “resilience” adjustments could persist even after hostilities ease, as businesses and governments seek protection against future shocks.

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