U.S. sanctions Indian nationals and firms in global crackdown on Iran's oil network

The Hindu

5 days ago

In a sweeping sanctions announcement aimed at dismantling a vast maritime oil smuggling operation benefiting Iran, the U.S. Department of the Treasury has designated several Indian nationals and companies as key enablers of the illicit network.
The action, announced Wednesday (July 30, 2025) by the Office of Foreign Assets Control (OFAC), is part of the largest Iran-related sanctions package since 2018. It targets over 50 individuals, entities and vessels across multiple countries —highlighting the involvement of UAE- and India-based actors in supporting Iranian oil shipments that are under strict U.S. sanctions.
These vessels are part of the vast shipping empire controlled by Mohammad Hossein Shamkhani (Hossein). Mr. Hossein — the son of Ali Shamkhani, a top political advisor to the Supreme Leader of Iran — leverages corruption through his father's political influence at the highest levels of the Iranian regime to build and operate a massive fleet of tankers and containerships, the Department of the Treasury said.
The Shamkhani family's shipping empire highlights how the Iranian regime elites leverage their positions to accrue massive wealth and fund the regime's dangerous behavior,' said Secretary of the Treasury Scott Bessent. 'The over 115 sanctions issued today are the largest to-date since the Trump Administration implemented our campaign of maximum pressure on Iran. These actions put America first by targeting regime elites that profit while Tehran threatens the safety of the United States,' he said.
Indians among sanctioned network operators
Among those designated is Pankaj Nagjibhai Patel, an Indian national based in the United Arab Emirates, who U.S. officials describe as a senior executive within several shipping companies tied to the sanctioned Iranian network. Mr. Patel has served as an executive in Teodor Shipping L.L.C., one of the entities connected to the operations of Mohammad Hossein Shamkhani, the son of a top Iranian regime official.
Mr. Patel is also listed as a director of Shreeji Gems Ltd, an India-based firm now implicated in helping facilitate oil transport logistics on behalf of the Iranian network.
Two other Indian nationals, Jacob Kurian and Anil Kumar Panackal Narayanan Nair, were identified as key figures behind Neo Shipping Inc., a Marshall Islands-based company that owns the vessel ABHRA (IMO 9282041). The ABHRA is part of a fleet used to move Iranian oil and petrochemicals under false flags and forged documents.
Mr. Kurian is listed as the sole shareholder of Neo Shipping Inc., while Mr. Nair has served as its director. U.S. officials stated that both individuals played critical roles in concealing the vessel's ties to the sanctioned Iranian regime.
US action freezes assets, bars transactions
The designations mean that all property and interests in property of these Indian individuals and companies that fall under U.S. jurisdiction are now blocked. Additionally, U.S. citizens and businesses are prohibited from engaging in any transactions with them. The action also exposes non-U.S. firms to secondary sanctions if they choose to continue doing business with the designated parties.
The vessels and corporate structures targeted in this action were allegedly used to obscure the origin of Iranian oil, transfer it at sea, and issue false documentation—ultimately supporting the financing of Iran's military and regional proxy forces.
Implications for Indian businesses
These action sends a strong warning to Indian businesses and maritime professionals involved in global shipping and logistics. The designations could lead to significant reputational and financial fallout, especially for firms with international dealings.
Even indirect involvement in sanctionable activities—such as acting as a nominee shareholder or director of a front company—can attract serious penalties, the Treasury said.