Washington [US], November 13 (ANI): The US Department of the Treasury has imposed sanctions on an Indian company among 31 global entities and individuals for allegedly supplying materials to Iran's ballistic missile and unmanned aerial vehicle (UAV) programmes.

Iran's procurement networks were specifically targeted for acquiring chemical precursors used in solid rocket propellants, which are essential for ballistic missile production, the US Treasury department said in a statement on Wednesday.

The action announced by the Treasury's Office of Foreign Assets Control (OFAC), is part of a wider sanctions package targeting 32 individuals and entities across Iran, the United Arab Emirates, Turkiye, China, Hong Kong, India, Germany, and Ukraine, the statement read.

The department said these companies were part of multiple procurement networks that support Iran's weapons production efforts.

Among the newly sanctioned entities is India-based Farmlane Private Limited, which OFAC said operated under the direction of UAE-based MVM Amici Trading LLC and was controlled by German national Marco Klinge. OFAC said Klinge 'serves as the director of India-based Farmlane Private Limited (Farmlane) and as the chief executive officer of Germany-based EVA Handelsgesellschaft UG (EVA).'

According to the US Treasury, Klinge 'has been responsible for the partnership's procurement from India and China' and 'has liaised between the partnership and suppliers including OFAC-designated China Chlorate Tech Co Limited (CCT).' The department said Klinge and his network 'coordinated the procurement of ballistic missile propellant ingredients--including sodium chlorate, sodium perchlorate, and sebacic acid--from China on behalf of Parchin Chemical Industries (PCI).'

'Across the globe, Iran exploits financial systems to launder funds, procure components for its nuclear and conventional weapons programs, and support its terrorist proxies,' said John K Hurley, Under Secretary of the Treasury for Terrorism and Financial Intelligence.

'At the direction of President Trump, we are putting maximum pressure on Iran to end its nuclear threat. The United States also expects the international community to fully implement UN snapback sanctions on Iran to cut off its access to the global financial system,' Hurley said.

According to the US Treasury, the Indian company was part of a broader network known as the MVM Partnership, which, since 2023, has procured hundreds of metric tonnes of missile propellant ingredients such as sodium chlorate, sodium perchlorate, and sebacic acid from China. These materials are used to manufacture ammonium perchlorate, a key component in solid propellant rocket motors for ballistic missiles.

The sanctions were issued under Executive Order 13382, which targets proliferators of weapons of mass destruction and their supporters, and Executive Order 13224, which targets terrorist organisations and those providing them material support, the US Treasury's statement said.

OFAC said the action is intended to disrupt the procurement of missile propellant precursors and prevent those involved from accessing the US financial system.

The latest designations also support the reimposition of United Nations sanctions on Iran, which took effect on September 27, following Tehran's continued non-compliance with its international commitments, the US Treasury's statement added.

'These networks pose a threat to US and allied personnel in the Middle East and to commercial shipping in the Red Sea,' the Treasury statement read, adding that 'as Iran seeks to reconstitute its proliferation-sensitive capabilities destroyed following the 12-Day War, OFAC is acting to disrupt those efforts.' The sanctions freeze all assets of the listed entities under US jurisdiction and prohibit any transactions with US persons or financial institutions.

Meanwhile, according to a recent report in the New York Times, Iran is accelerating its missile production with the stated goal of being able to fire 2,000 missiles at once in any future confrontation with Israel.

US President Donald Trump's has restored his 'maximum pressure' campaign on Iran, which reportedly includes using the Financial Action Task Force (FATF) as a tool to tighten financial restrictions on Tehran to prevent it from developing a nuclear weapon. In June this year Israel and US had bombed Iran's nuclear sites.

According to the November 12 US Treasury Departmet release, the United States will continue to use all available means, including sanctions on entities based in third countries, to expose, disrupt, and counter Iran's procurement of equipment and items for its ballistic missile and UAV programs, which jeopardize regional security and international stability. (ANI)