The U.S. Department of the Treasury imposed sanctions on 4 November 2026 against a network it accuses of supplying false flags and maritime certifications to vessels carrying Iranian oil. Its announcement names India-based Suniel Kumar Sharma and Jaspreet Preeti Shahid, associated businesses and a separate Türkiye-based aviation-services company.

OFAC targets alleged false ship registries

Key facts

  • Sharma and Shahid were added to the sanctions list under Executive Order 13902.
  • Treasury alleges their network impersonated national maritime authorities.
  • The action also covers Fugo Ground Services Inc over services to Iranian airlines.
  • OFAC published a separate alert about shadow-fleet reliance on false flags.

The designations are an administrative sanctions action. Treasury's descriptions of fraud and support for Iran are the agency's allegations and findings for that action; the records reviewed here do not establish criminal convictions. The OFAC update confirms the named additions, including the two individuals, Oceaniek Technologies India and Fugo Ground Services.

Treasury says Sharma and Shahid used companies and websites purporting to represent flag registries and maritime bodies that had not authorised those services. According to the department, false documents helped sanctioned ships continue transporting Iranian petroleum. It identifies risks to safety and environmental protection when vessels operate without legitimate registry arrangements. Those assessments are attributed to Treasury, rather than independently established casualty or damage totals. Treasury account

The department identifies Singapore-based Eswatini Maritime Affairs and International Ship Registry PTE. Ltd. as part of the network and says Eswatini's authorities publicly disavowed it. It also designates India-based Oceaniek Technologies India and Aryavart Ship Management Private Limited. The sanctions announcement should not be understood as a finding that every business or vessel operating under a legitimate flag from any of the named countries is implicated.

The accompanying industry alert concerns sanctions risks associated with potentially falsely flagged ships. Its existence is confirmed in the OFAC update, but the alert's full PDF was not separately examined for this report. Detailed recommendations from that document are therefore not reproduced.

Property blocking and a separate aviation designation

Treasury says property and interests in property of the designated persons that are in the United States, or held or controlled by US persons, are blocked and must be reported to OFAC. Its release also describes the rule covering entities owned at least 50% by blocked persons, individually or in aggregate, and states that authorisations or exemptions can affect transaction prohibitions. Agency explanation

That account does not justify treating every transaction anywhere in the world as identically prohibited. The department separately warns about sanctions exposure for foreign financial institutions and other non-US actors. The relevant distinction is between the immediate US blocking action and the additional risks Treasury describes for activity supporting designated persons.

The aviation portion is separate from the registry allegations. Treasury says Fugo Ground Services provides services to designated Iranian airlines and designates it for operating in Iran's aviation sector. It cites earlier sectoral action on 24 August and airline designations on 8 September as background; today's action is against the service provider.

Treasury describes Operation Economic Outcast as involving work with partners including the EU and Britain. That is a distinct US enforcement instrument within a wider economic-security agenda. Our reporting on the Canada-EU alliance explains another framework for supply-chain and security cooperation, without suggesting it automatically adopts US sanctions.

The release gives no date for the next action. Changes to the list and any further authorisations require separate verification. Further developments will be followed in our U.S. section.