Two Mumbai-based firms, five Indian nationals face U.S. sanctions over Iran oil trade

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The U.S. Treasury Department also sanctioned 17 entities and their shadow fleet vessels to deprive the Iranian regime of funds. | Photo Credit: Reuters

The U.S. on Thursday (October 8, 2026) imposed sanctions on two Mumbai-based firms and five Indian nationals associated with them over allegations of being involved in the trade of petroleum products from Iran.

The U.S. Department of State action targeted SSPL Solutions Private Limited and Samudra Marine Services Private Limited for facilitating the import of petroleum products from Iran.

Two persons associated with SSPL Solutions — Dhwani and Nisarg Vora, and three persons related to Samudra Marine Services — Ketan Kochikar, Bhupendrasingh Sahu and Harishyam Hariharan Chundakattil have also been blocked from performing any transactions related to their respective firms.

The action against the Indian entities and individuals is part of the U.S. crackdown against Iran under Operation Economic Outcast.

“The Department of State is sanctioning ten entities, six individuals, and five vessels in connection with trade in Iranian-origin petroleum, petroleum products, and petrochemical products,” an official statement said.

The State Department said these entities channelled millions of dollars to the Iranian regime, bolstering one of its most critical revenue streams and enabling its continued illicit conduct.

“The U.S. government is imposing sanctions on both the buyers and sellers driving this trade in Iranian petrochemical products,” the department said.

At the same time, the U.S. also authorised wind-down transactions by Samudra Marine Services till October 23.

A wind-down of transactions is a temporary, authorised grace period allowing parties to safely finish existing business and exit operations before new sanctions or liquidations take full effect.

Additionally, the Treasury Department also sanctioned 17 entities and their shadow fleet vessels to deprive the Iranian regime of funds.

“Treasury is starving the tyrannical regime in Tehran of the money it uses to wage war in the region, and we will continue exposing those who enable the regime’s oil sales,” said Treasury Secretary Scott Bessent.

“No enabler of Iranian sanctions evasion is safe from the full force of Treasury's authorities,” he said.