Which Six Indian Companies Face US Sanctions Over Iran Oil Trade — Details Here
The US has imposed sanctions on six Indian companies for conducting significant petrochemical trade with Iran, citing violations of its sanctions framework.
The United States has imposed sanctions on six Indian companies for allegedly engaging in trade involving oil and petrochemical products from Iran. The action is part of a broader crackdown on entities globally that the US claims are helping Iran bypass its sanctions regime.
The action by the US Department of State comes a day after President Donald Trump announced a hefty 25 percent tariff on India.
The US Department of State said that Iran continues to earn substantial revenue from its petroleum and petrochemical exports. The US alleged that Iran is using the money to destabilise the region. In response, the US is taking measures to cut off these financial channels that fund terrorism overseas and contribute to internal repression.
"The Iranian regime continues to fuel conflict in the Middle East to fund its destabilising 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," the US Department of State spokesperson said.
These sanctions aim to curb financial support to Iran’s government and pressure Tehran to comply with international norms.
Which Are The Indian Companies Sanctioned?
A total of 20 global entities have been sanctioned. Of these, six are Indian companies accused of conducting transactions involving Iranian-origin petrochemical goods.
Alchemical Solutions Private Ltd.: This company faces the most serious allegations, having reportedly imported over $84 million worth of Iranian petrochemical products between January and December 2024.
Global Industrial Chemicals Ltd.: This company is accused of importing methanol and other petrochemical products from Iran valued at more than $51 million during July 2024 to January 2025.
Jupiter Dye Chem Private Ltd.: Allegedly bought Iranian-origin petrochemical products, including toluene, worth over $49 million between January 2024 and January 2025.
Ramniklal S Gosalia And Company: Another petrochemical player, this company is said to have traded in methanol and toluene from Iran worth around $22 million during the same period.
Persistent Petrochem Pvt. Ltd.: The company reportedly brought in around $14 million worth of Iranian petrochemicals, including methanol.
Kanchan Polymers: The smallest of the group by volume, this company is said to have imported polyethylene and other products valued at over $1.3 million from Iran through Tanais Trading.
What Are The Implications Of The Sanctions?
These sanctions come with serious consequences. All property and interests in property of these companies within the US jurisdiction are now frozen. Also, the US persons and companies are barred from engaging in transactions with them unless explicitly authorised by the Office of Foreign Assets Control (OFAC).
Moreover, any entity that is 50% or more owned by the sanctioned companies is automatically blocked.
