US sanctions four Indian firms for their 'involvement' in Iran's oil industry

Four Indian companies are among 16 firms sanctioned by the US on Monday for their alleged involvement in Iran’s petroleum and petrochemical industry. According to a press release issued by the treasury department, the sanctioned Indian firms are Austinship Management Pvt Ltd, BSM Marine LLP, Cosmos Lines Inc, and Flux Maritime LLP.

This marks the second round of sanctions targeting Iranian oil sales since President Donald Trump issued a national security memorandum on Feb 4, ordering a campaign of maximum pressure on Iran, the state department said in a press statement. "The US Department of State is today designating 16 entities and vessels for their involvement in Iran’s petroleum and petrochemical industry," the statement said.