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[Hot News Recap: US Sanctions Indian and Turkish Entities Involved in Iran, Alleging They Assisted Iran in Circumventing Oil Sanctions] 1. The US Treasury Department announced on Wednesday a new round of sanctions against certain companies and individuals in India and Turkey, citing their support for Iran. The US warned that it would continue to crack down on anyone supporting the Iranian government. These measures are part of the Trump administration's "economic isolation campaign," aimed at cutting off Iran's ability to finance its war against the US and Israel through oil sales. 2. The Treasury Department stated that Wednesday's action targeted what it called a "vast criminal network" run by Indian national Sharma. Those sanctioned also included Sharma's wife, two other Indian citizens responsible for two of his companies, and nine entities associated with Sharma. The US alleges these entities used various means to provide false flags and certifications for sanctioned vessels involved in transporting Iranian oil, including vessels operating on behalf of the Iranian military and its proxies. 3. The Treasury Department also sanctioned Turkey-based Fugo Ground Services Inc., alleging it continued to provide support to Iran's heavily sanctioned aviation industry. Treasury Secretary Bessant stated that the U.S. government will continue to pursue anyone supporting the Iranian regime, threatening sanctions via land, sea, and air. The Treasury Department stated last week that its measures are severely impacting the Iranian economy, causing the Iranian rial to plummet to new lows and pushing domestic inflation to approximately 90%. Obsidian Risk Advisors Managing Partner Ericson believes that Wednesday's sanctions send a strong signal: despite the Republican Party's heavy electoral defeat, the Trump administration is escalating its economic war against Iran, and Washington seems unwilling to take even the smallest de-escalation measures.