<h4><strong>Indian Shipping Firms Sanctioned by US</strong></h4>
<p>In a significant move to crack down on Iran's oil trade, the United States Treasury Department on Tuesday imposed sanctions on two Indian shipping companies. The sanctions accuse the firms of playing a "critical role" in transporting Iranian oil, allegedly in defiance of U.S. embargoes.</p>
<p>The two companies named are Vision Ship Management LLP, based in Thane, and Tightship Shipping Management (OPC) Private Limited, headquartered in Navi Mumbai. They were part of a broader action that included 35 companies and vessels operating in what the Treasury calls the "shadow fleet," a network of entities facilitating Iranian oil exports.</p>
<h4><strong>"Shadow Fleet" and US Commitment to Disruption</strong></h4>
<p>Acting Under Secretary for Terrorism and Financial Intelligence Bradley Smith emphasized the United States' determination to disrupt this covert network. "We are committed to dismantling the shadow fleet of vessels and operators that enable Iran to fund its nuclear, ballistic missile, and drone programs while supporting its regional terrorist proxies," Smith stated.</p>
<p>The sanctions also targeted entities based in China and the United Arab Emirates, highlighting the global reach of the network.</p>
<h4><strong>Details of the Allegations</strong></h4>
<p>According to the Treasury Department, Vision Ship Management operated the Cook Islands-flagged vessel <em>Rio Napo</em>, which transported naphtha valued at $21.5 million to the UAE, and the Panama-flagged <em>LARA II</em>, both allegedly used for Iranian oil shipments.</p>
<p>Meanwhile, Tightship Shipping Management was implicated in managing the Panama-flagged <em>Tonil</em>, which is operated by Ukraine-based Lightship Management Ltd. The vessel reportedly transported millions of barrels of Iranian oil, despite sanctions. This link raised eyebrows, as Ukraine is a U.S. ally, and Iran has been accused of supplying drones to Russia amid the ongoing invasion of Ukraine.</p>
<p>The Treasury Department further accused Tightship of managing three ships used to carry tens of millions of dollars' worth of oil for the National Iranian Oil Company (NIOC), including transferring oil from Iranian-flagged vessels.</p>
<h4><strong>Previous Sanctions and Consequences</strong></h4>
<p>This action follows last month's U.S. sanctions on another Indian firm, Gabbaro Ship Services Private Ltd, for similar involvement in Iranian oil trade.</p>
<p>Under the sanctions, properties and assets belonging to the listed entities within the United States are frozen, and U.S. persons are prohibited from transacting with them. The sanctions aim to financially isolate the companies and deter future dealings in violation of U.S. policies.</p>
<h4><strong>A Broader Message</strong></h4>
<p>This move underscores Washington's broader strategy to curtail Iran's ability to generate revenue through its oil exports, which the U.S. alleges fund activities that destabilize the region and threaten international security.</p>
<p>As the sanctions reverberate across global shipping and energy markets, the affected Indian firms now face both legal and reputational challenges, potentially disrupting their operations significantly.</p>

Two Indian shipping companies accused of aiding Iranian oil exports despite US sanctions.

US Targets Indian Firms Over Iranian Oil Trade

Two Indian shipping companies accused of aiding Iranian oil exports despite US sanctions.

December 5, 2024 | 14:00 IST