The Office of Foreign Assets Control published an Iran-related alert, “Iranian Shadow Fleet Reliance on False Flags for Sanctions Evasion,” and designated four Chandigarh, India based individuals, Ashwani Kumar Dhiman, Jaspreet Preeti Shahid, Suniel Kumar Sharma and Ishwinder Singh, along with companies linked to them including Aryavart Ship Management Private Limited and the Singapore-based Eswatini Maritime Affairs and International Ship Registry. OFAC also designated Turkey’s Fugo Ground Services and a Russia-based individual, Alisher Domullodzhanov, under an Iran conventional arms authority, and updated a long list of existing Iran-related SDN and SSI entries to add secondary sanctions risk language under Executive Order 13902.
The same action issued Venezuela-related General License 5AA, authorizing certain transactions related to the Petróleos de Venezuela, S.A. 2020 8.5 percent bond on or after December 18, 2026, and amended Frequently Asked Question 595.
Treasury framed the action as part of Operation Economic Outcast, the campaign Secretary Scott Bessent announced on August 24, 2026 to sever Iran’s remaining economic lifelines by mapping the networks, facilitators and financial channels it uses to smuggle oil and evade sanctions, and warned that supporters of the Iranian regime would be sanctioned by land, sea, or air. The department said the Sharma network defrauded maritime administrations in multiple jurisdictions to set up false flagging authorities and classification societies purporting to represent countries from Guyana to Eswatini and Laos, with websites offering flagging and certification for Aruba, Mali, Mozambique, Malawi, Sint Maarten and Timor-Leste, among others, and flagged sanctioned vessels including PING SHUN, LATTAFA, BINARY STAR and VERA.
The Treasury release names nine designated entities in the network in all: Eswatini Maritime, Aryavart Ship Management and Oceaniek Technologies India, plus Precept Trends Private Limited, Polynesia Maritime Private Limited, Alexarya Finserv Private Limited, Alexarya Media and Entertainment Private Limited, Viharaboating Private Limited and the Aryavart Maritime and Educational Trust. It also cited the April 22, 2026 seizure of the falsely Guyana flagged MAJESTIC X while it was carrying Iranian oil, and said falsely flagged vessels carry no valid protection and indemnity insurance, leaving territorial waters exposed to potentially billions of dollars in damage.