The U.S. Department of the Treasury provided an update on Operation Economic Outcast as their latest action Wednesday targets a maritime fraud network assisting Iran’s ability to evade sanctions involved with the transportation of oil.
\n\n“As we have said many times, under Operation Economic Outcast, you are either with us or against us,” said Treasury Secretary Scott Bessent in a statement. “We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air.”
\n\nTreasury’s action takes on the criminal network of India-based Suniel Kumar Sharma and his spouse, Jaspreet Preeti Shahid, who have supported Iran’s shadow fleet through a web of maritime fraud including false flags and fake maritime certifications. The Sharma Network allows vessels engaging in illicit activity to evade international regulations aimed at ensuring crew safety and safeguarding against environmental harm. Falsely flagged vessels carry no valid protection and indemnity insurance, meaning that Iranian shadow fleet vessels operating under false flags could potentially cause billions of dollars in damages to the economies of the countries in whose territorial waters they operate, Treasury stated.
\n\nThe Sharma Network, which is believed to have begun criminal operations in 2014, has defrauded…
Original source: https://www.breitbart.com/economy/
