The United States has sanctioned four Indian entities for their involvement in the illegal shipment of Iranian oil to buyers in Asia. The firms—Austenship Management Private Ltd (Noida), BSM Marine Ltd (Gurgaon), Cosmos Lines (Thanjavur), and Flux Maritime (Navi Mumbai)—have been accused of violating US and UN sanctions aimed at restricting Iran’s oil exports.
Allegations against the Indian firms
According to the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), these companies played a critical role in transporting, selling, and marketing Iranian oil despite global sanctions. By facilitating these transactions, they allegedly helped bolster Iran’s economy, undermining international efforts to curb its oil trade.
Along with sanctioning the firms, the US has also targeted vessels associated with them. The Gabon-flagged tanker YATEEKA is linked to BSM Marine Ltd, while the Eswatini-flagged AMAK is connected to Austenship Management Private Ltd. Additionally, Flux Maritime LLP has been cited for its involvement in ship-to-ship transfers to facilitate Iranian oil shipments.
US crackdown on Iranian oil trade
The sanctions on these Indian firms are part of a broader US effort to crack down on entities aiding Iran’s oil trade. The US recently sanctioned 16 new entities across various countries for their involvement in similar activities.