US Treasury sanctions Suniel Kumar Sharma, Jaspreet Preeti Shahid and Fugo Ground Services Inc
GS2Polity · Governance · IR· India's bilateral relations· Prelims·
Sanctions and illicit financing: a relevant GS2 International Relations and GS3 Economic Security case study.
Why in news
The US Treasury Department imposed sanctions on Suniel Kumar Sharma, Jaspreet Preeti Shahid, and Fugo Ground Services Inc for allegedly assisting Iran in evading oil-related restrictions.
Background
The sanctions are part of 'Operation Economic Outcast' aimed at curbing Iran's ability to sell oil to fund its war. The targeted entities and individuals are based in India and Turkey.
Facts for Prelims
- FactOperation Economic Outcast: US initiative to cut off Iran's oil-related funding.
- PostSuniel Kumar Sharma and Jaspreet Preeti Shahid: Individuals sanctioned by the US Treasury.
- BodyFugo Ground Services Inc: Entity sanctioned for alleged involvement in Iran oil evasion.
Prelims practice question
With reference to Operation Economic Outcast, consider the following statements:
- The sanctions target entities based exclusively in the United States.
- The operation was launched to facilitate Iran's oil trade to India.
- It is a US initiative aimed at cutting off Iran's oil-related funding.
Which of the statements given above is/are correct?
- (a)2 only
- (b)3 only
- (c)2 and 3 only
- (d)1, 2 and 3
Show answer
Answer: (b) 3 only — Statement 3 is correct. Statement 1 is incorrect: The targeted entities and individuals are based in India and Turkey. Statement 2 is incorrect: The operation is aimed at curbing Iran's ability to sell oil to fund its war.
For Mains
Q. Discuss the implications of unilateral and multilateral sanctions on global energy markets and the efficacy of such measures in curbing illicit financing of conflict zones.
Dimensions to cover in your answer
- Geopolitical friction: Impact of US-led sanctions on India-Iran-Turkey trade dynamics
- Enforcement gap: Difficulty in monitoring secondary oil markets and shadow shipping networks
- Economic fallout: Potential for collateral damage to legitimate logistics and aviation services
Keywords: Economic Sanctions · Illicit Financing · Energy Security · Trade Compliance · Geopolitical Strategy
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