The United States has launched an economic onslaught against Iran, warning countries and entities that continue financial dealings with Tehran to wind down such activities or risk being cut off from the US dollar system.
The warning came as Washington on August 24 sanctioned four India-based companies over their alleged involvement in the trade of Iranian petroleum and petrochemical products.
US Treasury Secretary Scott Bessent announced “Operation Economic Outcast”, describing it as an unprecedented campaign to sever Iran's financial lifelines and broaden the risk of secondary sanctions for entities continuing to do business with Tehran.
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He said every country has a defined timeline to shut down activities identified by the US, while warning that any entity facilitating money laundering on behalf of Iran would be removed from the US dollar system.
Against this backdrop, the US State Department named Portease Partners LLP, Sadashiva Overseas Ltd., PP Softtech Pvt. Ltd. and Prakrutees Infra Impex India Pvt. Ltd. among companies targeted over Iran's petroleum and petrochemical trade.
The broader sanctions action also covers intermediaries, shadow-fleet operators and maritime service providers involved in Iran's oil revenue networks.
Portease Partners, an India-based customs broker, was accused of facilitating multiple shipments of Iranian petrochemical products into India. Two Indian nationals identified as its designated partners, Indrismiya Asharafmiya Shekh and Harish Ramchandra Rangi, were also blocked.
Sadashiva Overseas was identified as having imported approximately $69 million worth of Iranian-origin petroleum products between February 2024 and June 2025. PP Softtech was accused of importing approximately $25 million worth of Iranian-origin petroleum products between January 2024 and June 2025, with its director Prashant Garg also designated.
Prakrutees Infra Impex was identified as having imported Iranian-origin petroleum products valued at $25 million between May 2023 and February 2026.
The US said the sanctions are aimed at restricting revenue generated through Iran's petroleum and petrochemical exports and holding accountable the buyers, sellers, intermediaries and service providers facilitating the trade.
Under the sanctions, property and interests in property of designated persons in the US or controlled by US persons are blocked, while transactions involving such property by US persons are generally prohibited unless authorised or exempt.
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