US sanctions Indian and Turkish firms over alleged Iran oil ties

The U.S. sanctioned eight Canadian money-services businesses accused of helping Iranian networks evade restrictions by converting currency into cryptocurrency; Treasury also alleged that some laundered proceeds for an international cocaine-trafficking operation. Separately, FinCEN moved to restrict U.S. financial institutions from processing transactions involving MEXC Global, citing at least $16 billion in alleged illicit activity, including Iran-related transactions. Under Operation Economic Outcast, the U.S. also sanctioned Chandigarh-based businessman Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid, two Indian associates and nine India-linked entities, alleging they ran a fraudulent maritime-registration network that issued false flags and certifications to help Iranian oil vessels evade restrictions, including vessels allegedly serving Iran’s military and proxies. Washington also sanctioned Turkey-based Fugo Ground Services for allegedly supporting sanctioned Iranian airlines, and targeted people and businesses accused of helping Iran procure shoulder-fired air-defense weapons. A separate sanctions package covered Cuban oil, shipping and electronics interests. The measures expand U.S. pressure on networks accused of supporting Iranian trade and procurement; the allegations are not equivalent to criminal convictions.