US imposes sanctions on 6 Indian Companies over Iran oil trade
By Anjali Sharma
WASHINGTON – US Government on Thursday has imposed sanctions on 6 Indian companies for their alleged involvement in the trade of Iranian petroleum and petrochemical products.
The sanctions, announced by the US Department of State, target entities that have allegedly facilitated the export and purchase of millions of barrels of Iranian crude oil and petrochemical products.
The move is a part of sanctions imposed on 20 entities for their involvement in the trade of Iranian petroleum, petroleum products, or petrochemical products.
“Today, the United States is taking decisive action to disrupt the Iranian regime’s ability to fund its destabilizing activities, including its nuclear program, support for terrorist groups, and oppression of its own people,” the US Department of State said in an order sanctioning facilitators of Iran’s petroleum and petrochemical trade.
The sanctioned Indian companies, as per reports, include:
Kanchan Polymers allegedly imported and purchased over USD 1.3 million worth of Iranian-origin petrochemical products, including polyethylene.
Alchemical Solutions Private Limited imported Iranian petrochemical products worth over USD 84 million between January and December 2024.
Global Industrial Chemicals Limited purchased Iranian petrochemicals, including methanol, valued at over USD 51 million between July 2024 and January 2025.
Jupiter Dye Chem Private Limited imported Iranian products, including toluene worth over USD 49 million, during the same period.
Ramniklal S Gosalia and Company purchased Iranian petrochemicals worth over USD 22 million, including methanol and toluene.
Persistent Petrochem Private Limited imported approximately USD 14 million worth of Iranian petrochemicals, particularly methanol, between October and December 2024.
The sanctions freeze any assets these firms hold in the US or under US control. American citizens and companies are now also banned from doing business with them. The restrictions also apply to any firm in which the sanctioned entities have a 50 per cent or greater stake, the Department of State said in a press statement, asserting: “The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior.”
It said that companies wishing to contest their designation can submit petitions to the Treasury Department’s Office of Foreign Assets Control.
“The Department is also designating a China-based operator of a crude oil and petroleum products terminal that has repeatedly accepted Iranian-origin crude oil, including from US-designated tankers. Additionally, multiple companies in India, the United Arab Emirates, Türkiye, and Indonesia are being designated for their significant sales and purchases of Iranian-origin petrochemical products,” the statement added.
It asserted: “As President Trump has said, any country or person who chooses to purchase Iranian oil or petrochemicals exposes themselves to the risk of US sanctions and will not be allowed to conduct business with the United States.”
US has been targeting what it describes as Iran’s “shadow fleet” of vessels and intermediary companies that help transport Iranian oil and petrochemicals globally. The sanctions are part of the US “maximum pressure” campaign on Iran, aimed at disrupting its oil-based revenue streams.
