Network Circumvented Maritime Law to Enable Iran’s Shadow Fleet
WASHINGTON-Today, as part of Operation Economic Outcast, the U.S. Department of the Treasury targeted the vast criminal network of India-based Suniel Kumar Sharma and his spouse, Jaspreet Preeti Shahid, who have supported Iran’s shadow fleet through a web maritime fraud. Their schemes have provided false flags and certifications to sanctioned vessels involved in transporting Iranian petroleum, including vessels operating on behalf of the Iranian military and its proxies.
“As we have said many times, under Operation Economic Outcast, you are either with us or against us,” said Secretary of the Treasury Scott Bessent. “We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air.”
False flags and fake maritime certifications allow vessels engaging in illicit activity to evade international regulations aimed at ensuring crew safety and safeguarding against environmental harm. Falsely flagged vessels carry no valid protection and indemnity insurance, meaning that Iranian shadow fleet vessels operating under false flags could potentially cause billions of dollars in damages to the economies of the countries in whose territorial waters they operate.
OFAC today also sanctioned Türkiye-based Fugo Ground Services Inc for its ongoing services in support of Iran’s aviation sector. Treasury has repeatedly warned that it will take action against those who continue to support Iran’s aviation industry, a key enabler of the regime’s destabilizing proliferation and terrorist activity.
Concurrently with these designations, OFAC is issuing a new alert to industry to warn of the sanctions risks of dealing with potentially falsely flagged vessels, reemphasizing previous warnings from Treasury to the maritime industry to screen against unscrupulous actors such as Sharma and the vessels his network supports. OFAC’s action also follows through on Treasury’s previous warning that any foreign firm or individual enabling sanctioned Iranian airlines-including through aircraft transfers, cargo services, or general sales agent support-will face serious consequences for supporting the world’s leading state sponsor of terrorism. The designations imposed today are being taken pursuant to Executive Order (E.O.) 13902, which targets the Iranian petroleum, petrochemical, and aviation sectors, among other key sectors of the Iranian economy.
OPERATION ECONOMIC OUTCAST IS ISOLATING THE IRANIAN REGIME
Announced by Secretary Bessent on August 24, 2026 and dubbed Economic D-Day, Operation Economic Outcast is severing the remaining economic lifelines that sustain the Iranian regime. Treasury has mapped the networks, facilitators, and financial channels that Iran uses to smuggle oil, evade sanctions, and fund terror. Working with partners across the U.S. government, the European Union, United Kingdom, Gulf partners, and others, Treasury is targeting any source of the regime’s illicit revenue, as well as its sanctions evasion schemes to move funds.