December 5, 2024
2 mins read

US sanctions 2 Indian shipping firms alleging role in Iran oil trade 

The two companies were among the 35 ships and companies sanctioned on Tuesday by the Treasury Department….reports Asian Lite News

The US is sanctioning two Indian shipping sector companies alleging that they played a “critical role” in transporting Iranian oil in defiance of the US embargo. 

The two companies were among the 35 ships and companies sanctioned on Tuesday by the Treasury Department. 

They are Thane-based Vision Ship Management LLP and Navi Mumbai-based Tightship Shipping Management (OPC) Private Limited which, the department alleged, operate or manage ships in the “shadow fleet” that transport Iranian oil. 

Announcing the sanctions, Acting Under Secretary for Terrorism and Financial Intelligence Bradley Smith said the US was “committed to disrupting “shadow fleet of vessels and operators” who facilitate Iran’s ability to fund it nuclear, ballistic missile, and drone programmes, and to sponsor “regional terrorist proxies”. The list included companies based in China and the United Arab Emirates. 

The Treasury Department alleged that Vision managed and operated a ship that “carried millions of barrels of Iranian crude oil” for China Concord Petroleum Co (CCPC), which had already been sanctioned.  

The company owns the Cook Islands-flagged Rio Napo, which carried “naphtha worth approximately $21.5 million to the UAE”, and the Panama-flagged LARA II. Intriguingly, the Treasury Department accused Tightship of being involved in the management of Panama-flagged Tonil, which it said, “is managed and operated by Ukraine-based Lightship Management Ltd and has skirted sanctions to carry millions of barrels of oil for Iran”. 

Ukraine is an ally of the US and is ranged against Iran, which it said is supplying drones to Russia which is invading the country. The Treasury Department also said that Tightship managed three ships that collectively carried tens of millions of dollars worth of oil for the government-owned National Iranian Oil Company (NIOC) and one of them was involved in transferring oil from Iranian-flagged ships. 

Last month, the US had sanctioned another Indian company, Gabbaro Ship Services Private Ltd, accusing it of involvement in Iranian oil trade. The sanctions freeze properties belonging to those companies in the US and prohibit others from transacting with them. 

ALSO READ: ‘Modi’s Oversight Drives India’s Growth’

Previous Story

Fadnavis to be sworn in as Maha CM 

Next Story

‘730 suicides amongst CAPFs, NSG and Assam Rifles’ 

Latest from -Top News

Hamas Reiterates Peace Effort After U.S. Jab

Hamas Reaffirms Commitment to Ceasefire Talks After U.S. Criticism…reports Asian Lite News Hamas on Friday reiterated its commitment to the ongoing ceasefire negotiations, responding to remarks by U.S. Special Envoy to the

No smoking gun in Epstein files: Trump briefed

Attorney General Pam Bondi briefed Trump and Deputy Attorney General Todd Blanche at the White House in May….reports Asian Lite News US President Donald Trump was informed earlier this year that his

Israel, US recall teams from Gaza truce talks

Steve Witkoff said mediators had made a great effort but “Hamas does not appear to be coordinated or acting in good faith”…reports Asian Lite News Israel and the United States recalled their

Trump presses Fed chief to cut rates

Fed chair pushes back on Trump criticism of renovation costs as president presses central bank to cut interest rates…reports Asian Lite News Donald Trump sparred with the Federal Reserve chair, Jerome Powell,

Dubai turns malls Into fitness zones

Dubai’s Mallathon reimagines shopping centres as fitness zones, encouraging residents of all ages to walk, run, and connect—fostering healthier habits in air-conditioned comfort….reports Asian Lite News In a bold move to blend
Go toTop

Don't Miss

UP Attracts Mega Investments, Promises 1 Crore Jobs

Efforts are underway to develop Lalitpur Bulk Drug Park, Uttar

Goyal to co-chair India-USA CEO Forum during US visit  

Goyal will co-chair with Secretary Raimondo the India-USA CEO Forum