The US Department of the Treasury imposed sanctions on November 4 on a network it says was set up by India-based Suniel Kumar Sharma and his wife, Jaspreet Preety Shahid. The department alleges that for years they posed as authorized maritime registries and classification societies, issuing false flags and certificates for vessels in Iran’s shadow fleet. The vessels included tankers operating for Iranian military entities and their allies.
The sanctions also target Turkey-based Fugo Ground Services Inc. According to the Treasury, the company provided ground-handling services to Iranian airlines under US sanctions, including Iran Air Tour, Saha Airlines, Sepehran Airlines, Varesh Airlines, Taban Airlines and Ata Airlines Company. Some contracts were signed several weeks after the carriers were sanctioned on September 8, 2026.
The Treasury’s Office of Foreign Assets Control (OFAC) said the measures were imposed under Executive Order 13902, which targets, among other sectors, Iran’s oil, petrochemical and aviation industries. The department also issued an advisory warning industry participants about the risks of dealing with vessels that may be sailing under false flags.
The Treasury says Sharma’s network has operated since at least 2014. In 2023, he established Singapore-registered Eswatini Maritime Affairs and International Ship Registry PTE. Ltd. The company continued to provide ship registration services for vessels carrying Iranian oil, despite a public denial by Eswatini authorities. One such vessel was PING SHUN (IMO 9231901), which had previously been sanctioned by the United States.
The network also created websites claiming to offer maritime registry services on behalf of various countries without authorization. Vessels registered through these entities received flags as well as classification and seafarer certification services. In April 2026, the US Department of War detained MAJESTIC X, previously known as PHONIX (IMO 9198317), which was falsely registered under the Guyanese flag and was carrying Iranian oil.
Those sanctioned include Sharma and Shahid, Eswatini Maritime Affairs and International Ship Registry PTE. Ltd., Oceaniek Technologies India and Aryavart Ship Management Private Limited. The list also includes Ashwani Kumar Dhiman, Ishwinder Singh and six companies linked to Shahid: Precept Trends Private Limited, Polynesia Maritime Private Limited, Alexarya Finserv Private Limited, Alexarya Media and Entertainment Private Limited, Viharaboating Private Limited and Aryavart Maritime and Educational Trust.
The sanctions block the property and interests in property of the listed individuals and entities that are in the United States or under the control of US persons. US persons are generally prohibited from conducting transactions involving them without OFAC authorization. The restrictions also apply to companies owned, directly or indirectly, 50% or more by blocked persons; violations may result in civil and criminal penalties.
US Treasury Secretary Scott Bessent announced Operation Economic Outcast on August 24, 2026. The department says the operation aims to cut off sources of illicit revenue for the Iranian regime and schemes to evade sanctions.
