US Sanctions Mumbai-Based Firms, Individuals Over Iranian Oil

The United States has imposed sanctions on two Mumbai-based companies and five Indian nationals for allegedly facilitating the import of petroleum products from Iran. As part of its economic pressure on Tehran.

SSPL Solutions Private Limited and Samudra Marine Services Private Limited were targeted by the US department of state for allegedly channeling millions of dollars to the Iranian regime. Strengthening one of Tehran's most important revenue streams and enabling its continued illicit conduct.

"The department of state is sanctioning ten entities, six individuals, and five vessels in connection with trade in Iranian-origin petroleum, petroleum products, and petrochemical products," the US state department said in an official statement.

Read More: LG Electronics, Arvind Picked as Top Stocks to Buy by Motilal Oswal for October 5, 2026 Week

Treasury Secretary Scott, Bessent said., "Treasury is starving the tyrannical regime in Tehran of the money it uses to wage war in the region, and we will continue exposing those who enable the regime's oil sales."

"No enabler of Iranian sanctions evasion is safe from the full force of Treasury's authorities," he added.

Impact on Iranian Oil Exports

Iran had about 20 million barrels of crude oil remaining on vessels outside the blockade, according to a Treasury official.

US Reimposes Blockade on Iranian Ports

The US reimposed its blockade of Iranian ports on July 14 following the breakdown of a memorandum of understanding between Washington and Tehran.

Also Read: EY India's Rajiv Memani pushes for GST reforms to boost FDI and economic growth

The global oil market consumes about 100 million barrels per day.

"Today's action represents the most significant blow yet to Iran's remaining illicit maritime infrastructure by neutralizing the vast majority of the shadow fleet," a Treasury official said.

The sanctions come as part of the US crackdown on Iran under "Operation Economic Outcast".