US Sanctions 6 Indian Companies Over Iran Oil Trade

 

The action is part of a broader crackdown on 20 global entities accused of helping Tehran export fuel via a "shadow fleet."

The United States on Wednesday sanctioned six Indian companies for their alleged role in trading Iranian petroleum and petrochemicals. The move is part of a larger action targeting 20 entities globally, as the Donald Trump administration aims to build pressure on Iran, curb its oil exports, and prevent it from obtaining a nuclear weapon.

The US Department of State justified the sanctions by stating that Iran uses its revenue to destabilize the region. "The Iranian regime continues to fuel conflict in the Middle East to fund its destabilising activities," the department said. "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."

Washington detailed the specific allegations, claiming that the companies purchased millions of dollars worth of Iranian goods. The accused firms and their alleged transactions include:

Alchemical Solutions Private Limited: Over $84 million in petrochemicals (Jan 2024 - Dec 2024).

Global Industrial Chemicals Limited: Over $51 million in methanol (July 2024 - Jan 2025).

Jupiter Dye Chem Private Limited: Over $49 million in toluene (July 2024 - Jan 2025).

Ramniklal S Gosalia and Company: Over $22 million in petrochemicals.

Persistent Petrochem Private Limited: About $14 million in petrochemicals (Oct 2024 - Dec 2024).

Kanchan Polymers: Over $1.3 million in polyethene products.

The sanctions carry significant financial consequences. All assets of these companies held in the US or controlled by US persons are now frozen. Furthermore, US citizens and companies are prohibited from conducting any business with the sanctioned entities. The restrictions also extend to any entity that is owned 50% or more by the blocked persons.

This action is consistent with Washington's ongoing efforts to dismantle what it calls Iran's "shadow fleet"—a network of vessels and intermediary companies that facilitate Iran's oil and petrochemical exports around the globe. In a related action in April, the US Department of Treasury sanctioned an Indian citizen based in the UAE and two other India-based companies for allegedly operating vessels within this network.

The sanctioned companies now face significant operational and financial hurdles. However, the US State Department noted that the firms can petition for their removal from the Specially Designated Nationals and Blocked Persons list. Officials maintain that the objective is not punitive but corrective, stating, "The ultimate goal of sanctions is not to punish, but to bring about a positive change in behaviour."

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