E-Paper
US imposes sanctions against 6 Indian companies over Iran oil trade
Apart from targeting half a dozen Indian firms, the US Department of State imposed sanctions against 20 entities based in Turkey, the UAE, China, and Indonesia.
The United States has announced sanctions against at least six Indian companies for allegedly being involved in the trade of Iranian petroleum or petrochemical products.
Apart from targeting at least half a dozen Indian firms, the US Department of State imposed sanctions against 20 entities based in Turkey, the UAE, China, and Indonesia.
“The Department of State is imposing sanctions on 20 entities for their involvement in the trade of Iranian petroleum, petroleum products, or petrochemical products and is identifying 10 vessels as blocked property,” a US government statement said on Thursday.
Also Read: 'PM Modi a friend of mine, but…': What Donald Trump said on 25% US tariff bomb
The state department said that the sanctions targeted a terminal operator, vessel management companies, and wholesale buyers that facilitated the export and purchase of Iranian crude oil, petroleum products, and petrochemical products.
The sanctioned companies's list include some of the country's major petrochemical traders. While Alchemical Solutions Private Limited faces the allegations of importing Iranian petrochemical products, Global Industrial Chemicals Limited is alleged to have purchased Iranian petrochemicals, including methanol, valued at over USD 51 million between July 2024 and January 2025.
Meanwhile, Jupiter Dye Chem Private Limited is accused of importing Iranian products, while Ramniklal S Gosalia and Company is accused of purchasing Iranian petrochemicals worth over USD 22 million, including methanol and toluene, according to ANI.
Kanchan Polymers has been accused of importing and purchasing over 1.3 million dollars worth of Iranian-origin petrochemical products between February and July 2024 from UAE-based Tanais Trading.
The state department said that multiple companies in India, the UAE, Turkey, and Indonesia are being designated for their significant sales and purchases of Iranian-origin petrochemical products.
The sanctions come as the US continues its "maximum pressure" campaign against Iran, targeting the country's "shadow fleet" of vessels and intermediary companies that help transport Iranian oil and petrochemicals globally, the report said.
US has said that Tehran uses revenue from oil and petrochemical exports to fund what US calls as "destabilising activities" in the Middle East and support for terrorist groups.
“As President Trump has said, any country or person who chooses to purchase Iranian oil or petrochemicals exposes themselves to the risk of U.S. sanctions and will not be allowed to conduct business with the United States,” the US state department statement said.
