Four India-Based Firms Among Entities, Vessels Sanctioned by US Over Iran Oil Involvement

New Delhi: Four India-based firms are among 22 entities and 13 vessels sanctioned by the United States for what Washington has said is their involvement in Iran’s petroleum and petrochemical industry.

The Trump administration, in an announcement on February 24, said that its state department and the treasury’s Office of Foreign Assets Control (OFAC) are concurrently sanctioning a combined total of 22 persons and companies, and identifying 13 vessels as blocked property, across multiple jurisdictions, for their involvement in Iran’s oil industry.

The US has said that this is part of Trump’s “campaign of maximum pressure on the Iranian regime.”

It disrupts “efforts by Iran to amass oil revenues to fund terrorists’ activities,” the US says.

“All of these targets are being designated pursuant to Executive Order (E.O.) 13846, which authorizes and reimposes certain sanctions with respect to Iran,” an official release says.

In the current batch of sanctions, the US has named, among others:

1. The India-based company BSM Marine Limited Liability Partnership. BSM serves as the commercial manager for the vessel Yateeka. The Wire found that the company is publicly listed as being based in Gurugram and was incorporated in 2022. BSM is sanctioned for “knowingly engaging in a significant transaction for the transport of petroleum from Iran.”
2.  Cosmos Lines Inc, an India-based company involved in the transport of Iranian petroleum. It is listed for “knowingly engaging in a significant transaction for the sale or transport of petroleum or petroleum products from Iran.”The company appears to be based in Tamil Nadu’s Thanjavur.
3. One Austinship Management Private Limited is sanctioned “for knowingly engaging in a significant transaction for the transport of petroleum from Iran.” The company is India-based and serves as the commercial and ISM manager of the vessel Amak. The company was incorporated in 2020 and operates out of Noida.
4. A fourth company, Flux Maritime LLP, set up in 2023 and based out of Navi Mumbai was also named in the Office of Foreign Assets Control’s sanctions list, although it does not find mention in the press release.

Besides these, the Kangan Petro Refinery Company (Iran), Alkonost Maritime DMCC (UAE) and its vessels Meng Xin and Phoenix I, Oceanend Shipping Ltd (Seychelles) and its vessel Asterix, IMS Ltd (Malaysia) and its properties Chamtang, Violet 1 an Peterpaul, and Octane Energy Group FZCO (UAE) were sanctioned.

This is the second batch of Iran sanctions by the second Trump administration. The first was over alleged links to the Iranian military. There, too, Trump’s government had sanctioned a firm and an individual based in India – the crew management company Marshal Ship Management Private Limited and Indian national Ryan Xavier Aranha who is its director.

What happens if a company is sanctioned?

All property and interests in property of sanctioned entities that are in the United States or in possession or control of US persons are blocked. They must additionally be reported to the Department of Treasury’s Office of Foreign Assets Control (OFAC).

All entities and individuals that have ownership, either directly or indirectly, of 50% or more in these entities, are also blocked.

All transactions by US persons or within (or transiting) the US that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorised by a general or specific license issued by the OFAC. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person.

Note: The name of the fourth company was added to this report after publication.