US sanctions six Indian companies over Iran petroleum purchases
NN Online:
The United States has imposed sanctions on six Indian companies for allegedly engaging in the trade of Iranian petroleum and petrochemical products, which Washington says violates its sanctions under Executive Order 13846.
The US Department of State announced on Wednesday that a total of 20 entities, including the six Indian firms, have been sanctioned for their involvement in the Iranian petrochemical trade. The move is part of Washington’s broader strategy to curb Iran’s revenue streams, which it claims are used to fund terrorism, destabilize the Middle East, and oppress its citizens.
In a statement, a US State Department spokesperson said, “The Iranian regime continues to fuel conflict in the Middle East to fund its destabilizing activities. Today, the United States is taking action to stem the flow of revenue that the regime uses to support terrorism abroad, as well as to oppress its own people.”
Indian companies named in the sanctions
Alchemical Solutions Private Limited faces the most serious charges, accused of importing and purchasing Iranian-origin petrochemical products worth over $84 million between January and December 2024.
Global Industrial Chemicals Limited allegedly imported and purchased Iranian petrochemical products, including methanol, worth more than $51 million between July 2024 and January 2025.
Jupiter Dye Chem Private Limited, an India-based petrochemical trading firm, is accused of importing toluene and other Iranian products valued at over $49 million during the same period.
Ramniklal S Gosalia And Company reportedly imported Iranian-origin methanol and toluene worth over $22 million from January 2024 to January 2025.
Persistent Petrochem Private Limited is said to have brought in nearly $14 million worth of Iranian petrochemicals, including from UAE-based Bab Al Barsha, between October and December 2024.
Kanchan Polymers allegedly imported over $1.3 million worth of Iranian-origin polyethylene from a company named Tanais Trading.
All six companies were designated under Section 3(a)(iii) of Executive Order 13846 for “knowingly engaging” in significant transactions involving the purchase, sale, or transport of Iranian petrochemical products.
Implications of sanctions
As per the sanctions, all property and interests in property of the designated companies within the United States or under the control of US persons are now blocked. The order also restricts any US person or entity from conducting transactions involving the sanctioned firms unless authorised by the Office of Foreign Assets Control (OFAC).
“These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person,” the Department noted.
The US clarified that the objective of such sanctions is not to punish but to encourage a change in behaviour. “The goal of sanctions is not to punish, but to bring about a positive change in behavior,” the State Department said.
The move signals growing US scrutiny of global firms allegedly linked to Iran’s petrochemical sector and comes amid renewed efforts to tighten enforcement of existing sanctions.
#Source: NDTV