America On Monday (24 February), four Indian companies were banned. This action of America has banned 16 Iranian companies including India. The reason for the ban on Indian companies is their alleged involvement in Iran’s oil and petrochemical industry.
America is trying to pressurize Iran
According to a statement issued by the US Treasury Department, banned Indian companies include Austinship Management Private Limited, BSM Marine LLP, Cosmos Lines Inc. and Flux Maritime LLP.
This is the second stage of restrictions, targeting Iranian oil sales after the announcement of the National Security Memorandum by US President Donald Trump on 4 February. The purpose behind US sanctions is to put maximum pressure on Iran.
Why is the US taking strict action against Iranian companies?
According to reports, the US is banning 16 companies and ships belonging to Iran’s oil and petrochemical industry. This illegal shipping network was cheating buyers in Asia by hiding its role in loading and transportation of Iranian oil. The United States will continue to take such measures to prevent Iran from using oil revenue for funding terrorist activities.
