Treasury issued fresh sanctions on Wednesday (November 4, 2026) against companies and individuals based in India and Turkiye for their support of Iran, warning that it would continue to go after anyone who supported the Iranian government. The U.S.
Treasury unveiled the new sanctions a day after Democrats made huge gains in midterm elections , winning control of both houses of Congress as voters expressed anger about the Iran war and its impact in fueling U.S. inflation. Treasury last week said its actions were decimating Iran’s economy, driving the rial currency to new lows and sending domestic inflation rates to levels around 90%.
The sanctions are part of the Trump administration’s “Operation Economic Outcast,” which aims to cut off Iran’s ability to sell oil to fund the war with the U.S. and Israel. Treasury said on Wednesday’s (November 4, 2026) action targeted what it called “the vast criminal network” run by India-based Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid, and two other Indian citizens who head two of the couple’s businesses, as well as nine separate entities connected to Sharma. “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,” the department said in a statement.
Treasury Secretary Scott Bessent said the U.S. government would continue to go after anyone who supported Tehran. “We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air,” he said in a statement. It said Sharma and Shahid, based in Chandigarh, had fraudulently claimed to represent countries like Guyana, Eswatini and Laos in issuing flags and certifications, allowing vessels operating on behalf of the Iranian military and its proxies to evade international restrictions and keep operating.
