The four Indian companies that were sanctioned by the United States for allegedly aiding Iran’s oil trade are:
- Austinship Management Pvt Ltd
- BSM Marine LLP
- Cosmos Lines Inc
- Flux Maritime Ltd
These firms were identified for their role in facilitating the trade and transportation of Iranian oil, which is subject to U.S. sanctions.
Among those designated is the head of Iran’s National Iranian Oil Company and the Iranian Oil Terminals Company
The US on Monday sanctioned more than 30 individuals, vessels, and companies accused of facilitating illicit oil sales, as the Trump administration returned to the “maximum pressure” policy on Iran.
“Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities,” said Treasury Secretary Scott Bessent, adding that the US will use all available tools to target all suspects of Iran’s oil supply chain.
Among those designated is the head of Iran’s National Iranian Oil Company and the Iranian Oil Terminals Company as well as several shipping firms and trading entities based in the UAE, India, and China.
According to the Treasury, the sanctions block any property or interests in property belonging to the designated individuals and entities that are in the US, or under the control of US persons. Entities that are 50% or more owned—directly or indirectly—by one or more blocked individuals or organizations are also subject to the sanctions.
“Today’s action represents an initial step to realize President Trump’s campaign of maximum pressure on the Iranian regime. It disrupts efforts by Iran to amass oil revenues to fund terrorists’ activities,” the State Department said in a separate statement. “We will continue to disrupt such illicit funding streams for Iran’s malign activities. As long as Iran devotes its energy revenues to financing attacks on our allies, supporting terrorism around the world, or pursuing other destabilizing actions, we will use all the tools at our disposal to hold the regime accountable.”
Tehran has yet to respond to the latest US sanctions.
This is the second round of sanctions imposed on Iranian oil sales since President Donald Trumpissued the National Security Presidential Memorandum 2, which calls for the U.S. to “drive Iran’s export of oil to zero.” It also states that Iran “can never be allowed to acquire or develop nuclear weapons.”
At the time of the memo’s signing in February, Trump said from the Oval Office that “hopefully we’re not going to have to use it very much.”
“We will see whether or not we can arrange or work out a deal with Iran,” the president said.
“We don’t want to be tough on Iran. We don’t want to be tough on anybody,” Trump added. “But they just can’t have a nuclear bomb.”
Trump added that he’s given his advisers instructions to obliterate Iran if it assassinates him.
Treasury Secretary Scott Bessent said that the U.S. “will use all our available tools to target all aspects of Iran’s oil supply chain, and anyone who deals in Iranian oil exposes themselves to significant sanctions risk.”
During his confirmation hearing, Bessent criticized the Biden administration’s sanctions policies and called for the U.S. to have a more “muscular” sanctions regime and to be more aggressive in targeting Iran and Russian entities and oil.
Tesla market value slips below US$1 trillion as Europe sales sink
The US auto giant sold less than 10,000 units in Europe last month, a drop of about 45% from a year earlier
WASHINGTON:
Shares of the US electric vehicle pioneer Tesla plunged on Tuesday, leaving its market value below US$1 trillion as investors digested disappointing European sales and chief executive Elon Musk’s aggressive foray into politics.
The auto giant sold less than 10,000 units in Europe last month, down around 45% from a year earlier.
Tesla’s shares fell finished down 8.4% to US$302.80, a drop that sliced US$89 billion from its market value in a bruising session.
Musk has taken on a high-profile advisory role in US President Donald Trump’s administration, charged with slashing government spending.
He has also voiced strong support for far-right political leaders in Europe – including in the recent German elections – sparking criticism from some European politicians.
“Tesla is clearly facing challenges in Europe and the Musk brand issues are adding to the headwinds,” Wedbush Securities analyst Dan Ives told AFP in a message, estimating that between 10% and 15% of these headwinds were down to anti-Musk behaviour.
Tesla’s share price surged in the wake of the 2024 US presidential election, with investors betting that Musk’s proximity to Trump could help his companies succeed.
The poor sales figures in Europe appear to have punctured that optimism – at least for now – and raised concerns that what may be popular in the US could in fact be detrimental to the company’s success elsewhere.
Musk’s political views in Europe and Germany are “not the best thing for Tesla sales”, Ives said, adding: “It’s like putting mustard on a slice of pizza.”
Alongside its European struggles, Tesla also faces stiff competition from automakers like BYD in China – a key market for electric vehicles.
Earlier this week, the company announced it would start offering advanced self-driving functions for its cars in China, shortly after BYD said it would introduce self-driving technology for nearly all its vehicles.
