On Tuesday, the United States imposed sanctions on 35 entities and vessels, including two from India, for transporting Iranian oil to other countries.

The two Indian entities are Vision Ship Management LLP, which manages and operates PHONIX, and Tightship Shipping Management (OPC) Private Limited. Sanctions were also placed on entities and vessels from countries like the United Arab Emirates, China, Liberia and Hong Kong. The Department of Treasury stated in a statement that this move builds on the sanctions imposed on October 11 and imposes extra penalties on Iran's petroleum industry in the wake of Iran's October 1 aggression against Israel and its announced nuclear escalations.

Petroleum revenues give the Iranian government the money to support its nuclear program, build advanced drones and missiles, and fund the terrorist activities of its regional allies. Acting Under Secretary for Terrorism and Financial Intelligence, Bradley T. Smith stated that Iran continues to use money from oil sales to develop its nuclear program, spread its missile and drone technology, and sponsor terrorist groups in the region, which increases instability.  According to him, the United States is still dedicated to using all of its resources and powers to destroy the shadow fleet of ships and operators that support these illegal activities.

According to the Treasury, the PHONIX, originally the LUNA LAKE, has been transporting millions of barrels of Iranian crude oil for CCPC since 2022. It is managed and operated by Vision Ship Management LLP, based in India. Vision Ship Management LLP also owns and operates two ships: the RIO NAPO, which is registered under the Cook Islands flag and the LARA II, which is registered under the Panama flag. The RIO NAPO previously carried 35,000 metric tons of Iranian naphtha, valued at around $21.5 million to the UAE. The OLIVE, BLACK PANTHER, and LIONESS are all managed or operated by India-based Tightship Shipping Management (OPC) Private Limited and since at least 2022, they have transported tens of millions of dollars' worth of Iranian oil for NIOC. The BLACK PANTHER has used Iranian-flagged vessels to move Iranian oil from ship to ship.

The fourth vessel, the Panama-flagged TONIL (IMO: 9307932), is managed and operated by Lightship Management Ltd., based in Ukraine and Tightship Shipping Management (OPC) Private Limited is involved in its management. The Treasury claimed that the company has circumvented sanctions to transport millions of barrels of oil for Iran. As per E.O. 13902, Tightship Shipping Management (OPC) Private Limited and Lightship Management Ltd are authorised to operate in the petroleum industry of the Iranian economy. The OLIVE, the BLACK PANTHER, and the LIONESS are being identified as property in which Tightship Shipping Management (OPC) Private Limited has a stake. Lightship Management Ltd. is identified as having an investment in the TONIL.