If the Russian oil output of some 4 million barrels a day were to drop out of the global supply available to meet global demand, the price of oil would go up, and hurt India’s economic prospects. Representative photo: iStock
US sanctions 50 including two Indian nationals over Iran energy exports
OFAC targetted over 50 entities globally; Indians Varun Pula and Soniya Shrestha named for facilitating shipment of Iranian LPG to China and Pakistan respectively
The United States has imposed sanctions on over 50 individuals, entities, and vessels, including two Indian nationals, for allegedly helping Iran sell its energy products.
The move aims to dismantle what Washington described as "key elements" of Tehran’s "energy export machine," according to an official statement.
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US targets Iran’s 'energy export machine'
The Treasury Department’s Office of Foreign Assets Control (OFAC) announced the sanctions on Thursday (October 9).
"These actors have collectively facilitated the export of billions of dollars’ worth of petroleum and petroleum products, providing vital revenue to the Iranian regime and its support for terrorist groups that threaten the United States," the department said in a press release.
The sanctions form part of ongoing efforts to restrict Iran’s petroleum and petrochemical exports.
"The Treasury Department is degrading Iran’s cash flow by dismantling key elements of Iran’s energy export machine," Treasury Secretary Scott Bessent was quoted as saying in the press release.
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Indians sanctioned
Among those sanctioned are Indian national Varun Pula, owner of Marshall Islands-based Bertha Shipping Inc., which owns and operates the Comoros-flagged vessel PAMIR.
According to the US statement, the vessel has transported nearly four million barrels of Iranian LPG to China since July 2024.
The second Indian national sanctioned is Soniya Shrestha, owner of Vega Star Ship Management Private Limited, which owns and operates another Comoros-flagged vessel, NEPTA. The vessel has reportedly shipped Iranian-origin LPG to Pakistan since January 2025.
The statement further noted that all “property and interests in property of the designated or blocked persons” located in the US or in the possession or control of US persons are frozen and must be reported to OFAC.
Additionally, any entities directly or indirectly owned, individually or collectively, by one or more blocked persons holding a 50 per cent or greater stake will also be subject to blocking.
(With agency inputs)