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Indian entities among dozens sanctioned by US over Iran oil trade
The coordinated action by the treasury and state departments marks a significant targeting of those facilitating Iran’s sanctioned petroleum sector
Seventeen Indian entities and nationals were among approximately 100 individuals, companies and vessels from several nations sanctioned by the US on Thursday in a sweeping crackdown on networks that have enabled billions of dollars worth of Iranian energy exports.
The coordinated action by the Treasury and State departments marks one of the most significant targeting of those facilitating Iran’s sanctioned petroleum sector, including companies and ships out of the United Arab Emirates, Hong Kong and China.
Washington accused nine India-based companies of importing $423 million worth of Iranian petrochemicals and penalised eight Indian nationals — all directors, shareholders or owners of sanctioned firms — for their roles in the trade. Three of the nationals operated vessels that transported over five million barrels of Iranian oil and gas products.
“The Treasury Department is degrading Iran’s cash flow by dismantling key elements of Iran’s energy export machine. Under President Trump, this administration is disrupting the regime’s ability to fund terrorist groups that threaten the United States,” Treasury secretary Scott Bessent said.
The sanctions represent the fourth round targeting entities facilitating Iranian oil trade as part of the Trump administration’s “maximum pressure” strategy aimed at restricting Iran’s export revenues and forcing concessions on its nuclear programme. Since January, Washington has sanctioned 166 ships tied to the Iranian oil trade.
The State Department designated approximately 40 entities whilst the Treasury sanctioned over 50, targeting buyers, shippers, terminal operators and brokers across multiple jurisdictions.
China featured prominently in both departments’ actions. The State department sanctioned Jiangyin Foreversun Chemical Logistics Co. Ltd, the first China-based terminal designated for receiving Iranian petrochemicals. The Treasury targeted Shandong Jincheng Petrochemical Group, an independent refinery that has purchased millions of barrels worth hundreds of millions of dollars, and the Rizhao Shihua Crude Oil Terminal.
Among Indian entities targeted, BK Sales Corporation was the largest single buyer at $235 million, importing Iranian-origin methanol from UAE-based Golden International FZE and others between January 2024 and February 2025, the State Department said.
Other major Indian importers included Indisol Marketing Private Limited ($74 million in methanol), Mody Chem ($49 million), and C. J. Shah and Co. ($44 million in toluene). Haresh Petrochem Private Limited imported $10 million, while three smaller firms — Chemovick, Paarichem Resources and Shiv Texchem — brought in between $2 million and $7 million each.
Among the eight Indian nationals sanctioned were Niti Unmesh Bhatt, who owns 100% of Indisol, and three members of the Kasat family who control Haresh Petrochem. Three other nationals — Soniya Shrestha, Varun Pula and Iyappan Raja — own Marshall Islands-registered shipping firms whose vessels moved millions of barrels of Iranian LPG to China and Pakistan.
In late July, the State department sanctioned six Indian firms — Kanchan Polymers, Alchemical Solutions, Ramniklal, Jupiter Dye Chem, Global Industrial and Persistent Petrochem — for an estimated $221 million in petrochemical trade with Iran. In February, four Indian companies were sanctioned, including Sai Saburi Consulting.
“So long as Iran attempts to generate oil revenues to fund its subversive activities, the United States will act to counter and to promote accountability for Iran and its partners in sanctions evasion,” said Tommy Pigott, the State Department’s principal deputy spokesperson.
