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Four Indian firms among those sanctioned by US for Iran oil trade amid ‘Operation Economic Outcast’
This came a day after US announced ‘Operation Economic Outcast’, which involves new sanctions that aim to block all potential sources of revenue for Iran.
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The US Treasury Department has announced new sanctions targeting Iran’s economy, with four Indian firms among those sanctioned for importing Iranian petroleum and petrochemical products.
The companies and Indian nationals linked to them were accused of facilitating multiple shipments of Iranian petrochemical products to India, according to a US State Department release.
The sanctions came a day after US Treasury Secretary Scott Bessent announced “Operation Economic Outcast”, a campaign aimed at cutting off Iran’s sources of revenue and increasing the risk of secondary sanctions for entities doing business with Iran.
Which Indian firms face US sanctions?
Deep Dive
Among the four India-based companies facing sanctions were customs broker Portease Partners LLP and its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi. According to the state department release, Portease “facilitated the import of multiple shipments of Iranian petrochemical products to India.”
Among the other others firms being sanctioned are Sadashiva Overseas Limited, PP Softtech Private Limited and Prakrutees Infra Impex Private Limited. Sadashiva imported approximately $69 million worth of Iranian-origin petroleum products from multiple companies, including US-designated Bonjoure Commodity FZE, between February 2024 and June 2025, the State Department said.
PP Softtech imported approximately $25 million worth of Iranian-origin petroleum products between January 2024 and June 2025. Its director Prashant Garg was also included in the list of sanctioned entities and individuals. Prakrutees too imported Iranian-origin petroleum products valued at $25 million from multiple companies, including US-designated Bonjoure Commodity FZE, between May 2023 and February 2026. Sheikh, Rangi and Garg are Indian nationals, according to the release.
The above firms were put on the list for “knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran.”
Trump has, in the past few days, attempted to use economic pressure as a major weapon against Iran. Washington wants to cut Iran off from money and make it harder for the government to fund itself. The success of the plan will depend heavily on whether other countries follow the US sanctions.
Meanwhile, top Iranian officials have admitted that the country faces a serious risk of economic collapse, with President Masoud Pezeshkian acknowledging the shortages facing the country. He said that Iran should end the war now while it still has a position of strength, according to an Al Jazeera report.
Also Read | Iran predicts 'another defeat' for US, says '2-year plan' ready to counter sanctions
What did the US state department say?
In its statement announcing the sanctions, the US state department said it had taken “sweeping action against multiple entities, individuals, and vessels enabling the Iranian regime’s destabilising activities.”
“The measures target Iranian military officials responsible for procuring weapons and directing attacks against US servicemembers and regional partners, Iran-based entities that gathered intelligence for targeting US forces and allies, and a procurement ring supplying Iran’s military and missile programs,” US state department spokesperson Thomas Pigott said.
