Trump imposes sanctions on four Indian companies

New Delhi. The US has imposed sanctions on several companies related to the petroleum and petrochemical industry. The companies on which the US has imposed these sanctions are related to Iran’s oil industry. Some Indian companies are also included in this. The US has taken this step to put pressure on Iran.
On Monday, the US had imposed sanctions on 16 companies, including four Indian companies, for their alleged links to Iran’s petroleum and petrochemical industry. According to a statement issued by the US Treasury Department, the banned Indian companies include Austinship Management Pvt. Ltd., BSM Marine LLP, Cosmos Lines Inc. and Flux Maritime LLP.

The US State Department has identified and sanctioned 16 companies for their links to Iran’s petroleum and petrochemical industry, the statement said. The State Department, in coordination with the Treasury Department’s Office of Foreign Assets Control (OFAC), has also imposed sanctions on 22 individuals. 13 of their vessels in various regions have been declared as sanctioned property for their links to Iran’s oil industry.

The US has reportedly taken this decision to disrupt the illicit shipping network. The network has been selling Iranian oil to Asian buyers. The network was trying to sell hundreds of millions of dollars worth of crude oil through illegal shipments. The US believes that Iran is funding terrorism through oil revenues. The US believes that sanctions will control Iran’s economic activities and prevent its financial support for terrorism.