Four India-based firms are among the 22 entities and 13 vessels sanctioned on Monday (Feb 24) by the United States for their alleged involvement in Iran's petroleum and petrochemical industry.

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The sanctions follow US President Donald Trump's decision to reinstate his "maximum pressure" policy of sanctions against Tehran.

"Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilising activities," said US Treasury Scott Bessent announcing the designations.

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"The United States will use all our available tools to target all aspects of Iran's oil supply chain, and anyone who deals in Iranian oil exposes themselves to significant sanctions risk," he added. 

Which Indian firms have been sanctioned?

The sanctions seek to disrupt "efforts by Iran to amass oil revenues to fund terrorists' activities," said the US.

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Indian firms named in the sanctions include:

- BSM Marine Limited Liability Partnership, which serves as the commercial manager for a vessel named Yateeka. The company as per The Wire is publically listed as based in Gurugram, Haryana and was incorporated in 2022. It has been sanctioned for "knowingly engaging in a significant transaction for the transport of petroleum from Iran".

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- Cosmos Lines Inc, a company based in Thanjavur, Tamil Nadu, has been sanctioned for "knowingly engaging in a significant transaction for the sale or transport of petroleum or petroleum products from Iran."

- One Austinship Management Private Limited, based in Noida, the commercial and ISM manager of the vessel Amak has been listed for "knowingly engaging in a significant transaction for the transport of petroleum from Iran."

- Flux Maritime LLP, which was set up in 2023 and is based out of Navi Mumbai, has also been named in the Office of Foreign Assets Control's sanctions list.

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In this second batch of sanctions targeting Iran, the Trump administration has also named: Kangan Petro Refinery Company (Iran), Alkonost Maritime DMCC (UAE) [along with its vessels Meng Xin and Phoenix I], Oceanend Shipping Ltd (Seychelles) [and its vessel Asterix], IMS Ltd (Malaysia) [and its oil tanker Chamtang], Violet 1 an Peterpaul, and Octane Energy Group FZCO (UAE).

(With inputs from agencies)