In a sweeping enforcement action, the United States has imposed sanctions on at least six Indian companies accused of engaging in significant trade involving Iranian petroleum and petrochemical products, violating U.S. sanctions against Iran.
Announcing the sanctions on Wednesday, the U.S. Department of State stated that the Indian entities were among 20 global firms targeted for allegedly facilitating Iran’s oil trade, which Washington says funds destabilising activities in the Middle East.
Key Indian firms named include:
- Alchemical Solutions Private Limited: Accused of importing over USD 84 million worth of Iranian petrochemicals in 2024.
- Global Industrial Chemicals Limited: Allegedly purchased methanol and other petrochemicals worth over USD 51 million from July 2024 to January 2025.
- Jupiter Dye Chem Private Limited: Reportedly imported Iranian products, including toluene, valued at more than USD 49 million.
- Ramniklal S Gosalia and Company: Accused of procuring methanol and toluene worth USD 22 million.
- Persistent Petrochem Private Limited: Allegedly imported approximately USD 14 million worth of Iranian methanol.
- Kanchan Polymers: Reportedly involved in importing polyethene products worth USD 1.3 million.
The sanctions freeze all assets of these companies under U.S. jurisdiction and bar American individuals and businesses from engaging with them. Additionally, any entities with 50% or more ownership by the sanctioned firms also face restrictions.
The move is part of the Biden administration’s continued “maximum pressure” campaign against Iran, which targets companies and vessels suspected of aiding Tehran’s oil exports. U.S. officials claim that proceeds from these exports fund Iran’s support for militant groups and activities viewed as destabilising.
While India has traditionally maintained energy ties with Iran, its oil imports from the country dropped drastically after the reimposition of U.S. sanctions in 2019. This latest action may strain the limited commercial engagement that remains.
The U.S. Department of State emphasized that the intent of the sanctions is not punitive but to compel compliance with international norms. Affected companies may petition the Treasury Department’s Office of Foreign Assets Control (OFAC) for removal from the Specially Designated Nationals (SDN) list.
The sanctions also hit entities based in Turkey, the UAE, China, and Indonesia, which the U.S. accuses of being part of a global network facilitating illicit Iranian oil trade.