US sanctions Indian firm among dozen others for Iran's 'ghost fleet' oil trade

The US has imposed sanctions on over a dozen companies, including India-based Gabbaro Ship Services for allegedly transporting Iranian oil to Asian buyers.

Gabbaro Ship Services was accused by the State Department of managing the crude oil tanker Hornet, which was involved in a significant transaction for transporting Iranian petroleum as part of a ‘Ghost Fleet’.

The sanctions come in response to Iran’s October 1 ballistic missile attack on Israel, which US National Security Advisor Jake Sullivan described as a devastating act that “targeted Israel’s most populated city, Tel Aviv, and could have killed hundreds if not thousands of innocent people” ¹.

These sanctions aim to disrupt Iran’s ability to fund its destabilizing activities, including its nuclear program, ballistic missile development, and support for regional terrorist proxies. The US Treasury Department has identified the petroleum and petrochemical sectors of Iran’s economy as targets for sanctions, limiting the regime’s ability to earn critical energy revenues.

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Following that attack, the US had made it clear that Iran would face severe consequences, he said, and added, the Departments of the Treasury and State on Friday announced the “new and significant measures to more effectively target Iran’s energy trade.”

“The new designations today also include measures against the ‘Ghost Fleet’ that carries Iran’s illicit oil to buyers around the world. These measures will help further deny Iran financial resources used to support its missile programmes and provide support for terrorist groups that threaten the United States, its allies, and partners,” Sullivan said.

The Treasury claimed Iran’s oil exports are enabled by a network of illicit shipping facilitators in multiple jurisdictions which, “through obfuscation and deception,” load and transport Iranian oil for sale to buyers in Asia.

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Prominent among them include United Arab Emirates-based Max Maritime Solutions FZE (Max Maritime), which used vessels under its management to conduct multiple ship-to-ship transfers of Iranian oil with vessels affiliated with the US-designated National Iranian Tanker Company (NITC), it alleged.

The NITC moves Iranian oil for National Iranian Oil Company (NIOC) to transport it to refineries in the China. Among the companies sanctions by the State Department are Suriname-based Strong Roots Provider NV, Glazing Future Management NV, Engen Management NV; India-based Gabbaro Ship Services Pvt Ltd; Malaysia-based Alya Marine Sendirian Berhad, and Hong Kong-based Celia Armas Ltd.

Secretary of the Treasury Janet L Yellen said, “Today’s sanctions target Iranian efforts to channel revenues from its energy industry to finance deadly and disruptive activity with dangerous consequences for the region and the world.

Yellen described deadly and disruptive activity as those including development of Iran’s nuclear programme, the proliferation of ballistic missiles and unmanned aerial vehicles, and support to regional terrorist proxies. “We will not hesitate to take further action to hold Iran accountable,” she said.

With inputs from agencies.