WASHINGTON- The US Treasury issued fresh sanctions on Wednesday against companies and individuals based in India and Turkey for their support of Iran, warning that it would continue to go after anyone who supported the Iranian government.Scott Bessent, US treasury secretary, arrives for a House Financial Services Committee hearing in Washington, DC, US, on Tuesday, Sept. 15. (Bloomberg)The sanctions are part of the Trump administration's "Operation Economic Outcast," which aims to cut off Iran's ability to sell oil to fund the war with the US and Israel.

Treasury unveiled the new sanctions a day after Democrats made huge gains in midterm elections, winning control of both houses of Congress as voters expressed anger about the Iran war and its impact in fueling US inflation.Treasury last week said its actions were decimating Iran's economy, driving the rial currency to new lows and sending domestic inflation rates to levels around 90%. Treasury said Wednesday's action targeted what it called "the vast criminal network" run by India-based Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid, and two other Indian citizens who head two of the couple's businesses, as well as nine separate entities connected to Sharma.Also read: US delegations of Congress-elects to participate in UN climate summit despite Trump's withdrawal"Their schemes have provided false flags and certifications to sanctioned vessels involved in transporting Iranian petroleum, including vessels operating on behalf of the Iranian military and its proxies," the department said in a statement.False flags and fake maritime certifications allow vessels engaging in illicit activity to evade international safety and environmental regulations, carrying no indemnity insurance.

That means such vessels could potentially cause billions of dollars in damages to the economies of the countries in whose territorial waters they operate. The department also sanctioned Turkey-based Fugo Ground Services Inc for its ongoing support of Iran's heavily sanctioned aviation sector.Treasury Secretary Scott Bessent said the US government would continue to go after anyone who supported Tehran. “We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air,” he said in a statement.Brett Erickson, managing principal of Obsidian Risk Advisors, said Wednesday's sanctions sent a powerful message that the Trump administration was escalating its economic warfare against Iran, despite the bruising election results."Even after a brutal electoral defeat, Washington appears unwilling to take even the smallest step toward de-escalation," he said.US President Donald Trump on Wednesday acknowledged the role the Iran war -- and the resulting spike in gasoline prices -- had played in the election losses, but said the military conflict was worth it.

Oil prices fell sharply in volatile trading as investors weighed a possible end to the war in Iran.Treasury's Office of Foreign Assets Control also issued a new alert to industry, warning of the sanctions risk of dealing with potentially false flagged vessels.