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The United States has imposed sanctions on at least half a dozen Indian companies accused of trading in Iranian petroleum and petrochemicals as part of broader action targeting 20 entities worldwide.
The US Department of State announced the sanctions on Wednesday, alleging the Indian firms knowingly engaged in "significant transactions" for the purchase and marketing of Iranian petroleum products, violating American sanctions on Iran. The sanctioned Indian companies include some of the country's major petrochemical traders. Alchemical Solutions Private Limited faces the largest allegations, accused of importing Iranian petrochemical products worth over USD 84 million between January and December 2024. 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. Jupiter Dye Chem Private Limited reportedly imported Iranian products, including toluene worth over USD 49 million, during the same period. Ramniklal S Gosalia and Company is accused of purchasing Iranian petrochemicals worth over USD 22 million, including methanol and toluene. Persistent Petrochem Private Limited allegedly imported approximately USD 14 million worth of Iranian petrochemicals, particularly methanol, between October and December 2024. Kanchan Polymers is said to have purchased over USD 1.3 million worth of Iranian polyethene products. Under the sanctions, all assets of these companies in the United States or controlled by US persons are now frozen. American individuals and companies are prohibited from conducting business with the sanctioned entities. The action also blocks any entity that is 50 per cent or more owned by the sanctioned companies. The sanctions come as the US continues its "maximum pressure" campaign against Iran, targeting what it calls the country's "shadow fleet" of vessels and intermediary companies that help transport Iranian oil and petrochemicals globally. US officials say Iran uses revenue from oil and petrochemical exports to fund what Washington describes as "destabilising activities" in the Middle East and support for terrorist groups. India has historically maintained trade relationships with Iran, though it has reduced Iranian oil imports significantly since 2019 following previous US sanctions. The sanctioned companies can petition for removal from the US Treasury's Specially Designated Nationals list. The US government says the "ultimate goal of sanctions is not to punish, but to bring about a positive change in behaviour." Companies wishing to contest their designation can submit petitions to the Treasury Department's Office of Foreign Assets Control, according to a fact sheet shared by the US Department of State. The sanctions also targeted companies in Turkey, the UAE, China, and Indonesia as part of what US officials describe as a global network facilitating Iranian oil and petrochemical trade. (ANI)
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