US Sanctions Indian Firms: Over $119M in Iran Oil Trade

• The United States has sanctioned four Indian companies and three Indian nationals for alleged involvement in Iran’s petroleum and petrochemical trade.
• These entities are accused of facilitating approximately $119 million in Iranian oil and petrochemical transactions.
• The sanctions are part of "Operation Economic Outcast," a broader US campaign to sever Iran's financial networks.
• Designations were made under the US Iran sanctions framework, including Executive Order 13846, which blocks assets within US jurisdiction.
• This action is part of a wider US effort targeting nearly 60 entities involved in various activities supporting Iran, including its military and destabilizing operations.

The United States has imposed sanctions on four companies based in India and three Indian nationals, citing their alleged participation in Iran's petroleum and petrochemical trade.

The United States has imposed sanctions on four companies based in India and three Indian nationals, citing their alleged participation in Iran's petroleum and petrochemical trade. These actions are part of a broader initiative by Washington to intensify economic pressure on Tehran and disrupt its revenue streams. The US government asserts that the entities facilitated approximately $119 million in Iranian petroleum and petrochemical transactions.

Among the sanctioned entities is Portease Partners LLP, an India-based customs broker, which the State Department claims assisted in the import of multiple shipments of Iranian petrochemical products into India. Two of its designated partners, Indrismiya Ashrafmiya Shekh and Harish Ramchandra Rangi, both Indian citizens, were also included in the sanctions. Sadashiva Overseas Limited faces allegations of importing roughly $69 million worth of Iranian-origin petroleum products between February 2024 and June 2025, with these transactions reportedly involving companies already under US sanctions, such as Bonjoure Commodity F.Z.E.

Further designations include PP Softtech Private Limited, accused of importing approximately $25 million in Iranian-origin petroleum products from January 2024 to June 2025; its director, Prashant Garg, was separately sanctioned. Prakrutees Infra Impex India Private Limited is the fourth company named, with allegations of importing about $25 million worth of Iranian-origin petroleum products from various entities, including Bonjoure Commodity F.Z.E., between May 2023 and February 2026. These companies were all cited for knowingly engaging in significant transactions involving Iranian petroleum or petrochemical products.

These recent designations fall under "Operation Economic Outcast," a comprehensive sanctions campaign spearheaded by US Treasury Secretary Scott Bessent. This operation aims to dismantle Iran's financial and commercial networks, with the explicit goal of severing the nation's financial lifelines. The US has consistently warned businesses and other entities globally that continued engagement with Tehran could expose them to secondary sanctions.

The legal authority for these measures stems from the US Iran sanctions framework, specifically Executive Order 13846. This order grants Washington the power to target entities involved in substantial transactions related to Iranian petroleum and petrochemical products. The immediate consequence of these US sanctions is that all property and interests in property belonging to the designated individuals and entities, if located within US jurisdiction, are blocked. Furthermore, US persons are generally prohibited from engaging in any transactions with these sanctioned parties.

The sanctions against these Indian firms and nationals are integral to a much wider US effort to counter activities that Washington believes contribute to Iran’s military and destabilizing operations. This expanded pressure campaign targets a broad spectrum of individuals, companies, and vessels allegedly involved in supporting Iran. The latest round of designations reportedly encompasses nearly 60 individuals, entities, and vessels, extending beyond Iran’s oil trade to include other sectors and procurement networks.

State Department spokesperson Tommy Pigott emphasized that these actions are designed to target entities facilitating various illicit activities, including weapons procurement, cyber operations, and the movement of energy products. By targeting networks involved in petroleum and petrochemical trade, the US aims to curtail Iran's ability to fund these operations. This ongoing strategy underscores the US commitment to isolating Iran economically and disrupting its capacity to engage in activities deemed detrimental to regional and global stability.

Source: Original reporting on international sanctions developments.