US slaps sanctions on Indian, Turkish firms and people for aiding Iran

On November 4, 2026, the U.S. Treasury imposed sanctions on companies and individuals in India and Turkey accused of aiding Iran's oil trade and evading international restrictions. The measures targeted a "vast criminal network" run by Suniel Kumar Sharma and his wife Jaspreet Preeti Shahid, based in Chandigarh, India. Two other Indian citizens who lead the couple’s businesses and nine entities connected to Sharma were also sanctioned. These actions are part of the Trump administration's "Operation Economic Outcast," aimed at crippling Iran's ability to fund its conflict with the U.S. and Israel by selling oil. The sanctions followed significant Democratic gains in the midterm elections, where voters expressed concern over inflation linked to the Iran war. Treasury noted that prior actions had driven Iran’s currency to new lows and pushed domestic inflation rates above 90%.