US Sanctions 6 Indian Companies Over Trade Of Iranian Petroleum Products

 

Washington : The Trump administration has sanctioned six Indian companies for their "significant" sales and purchases of Iranian-origin petrochemical products. "The Iranian regime continues to fuel conflict in the Middle East to fund its destabilising activities. 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," the Department of State said on Wednesday, as it announced imposing sanctions on 20 global entities engaged in Iranian petroleum, petroleum products or petrochemical trade.

 

The State Department said 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. "As President Trump has said, any country or person who chooses to purchase Iranian oil or petrochemicals exposes themselves to the risk of U.S. sanctions and will not be allowed to conduct business with the United States,” it said. Targeting Iran’s petrochemical trade, the US designated 13 entities across multiple jurisdictions which have engaged in the transhipment, sale, and purchase of Iranian-origin petrochemicals.

 

The India-based companies being designated are: Kanchan Polymers — it has imported and purchased over 1.3 million dollars worth of Iranian-origin petrochemical products, including polyethylene, between February and July 2024 from UAE-based Tanais Trading; Alchemical Solutions — this is a petrochemical trading company that has imported and purchased Iranian-origin petrochemical products valued at over 84 million dollars from multiple companies between January and December 2024; Ramniklal S Gosalia & Co — it imported and purchased Iranian-origin petrochemical products valued at over 22 million dollars, including methanol and toluene, from multiple companies between January 2024 and January 2025. Similarly, Jupiter Dye Chem Private Limited is also on the sanctions list for importing and purchasing Iranian-origin petrochemical products, including toluene, valued at over 49 million dollars from multiple companies between January 2024 and January 2025.

 

The remaining two sanctioned Indian companies are also Global Industrial Chemicals Limited and Persistent Petrochem Private Limited, which have done business of over 51 million dollars and 14 million dollars, respectively, with multiple companies mainly during the last year. The companies are being designated for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport or marketing of petrochemical products from Iran. As a result of the sanctions-related actions, all property and interests in property of the designated persons that are in the United States or in possession or control of US persons are blocked and must be reported to the Department of Treasury’s Office of Foreign Assets Control. The United States will continue to impose maximum pressure on the Iranian regime until Iran accepts a deal that advances regional peace and stability and in which Iran forgoes all aspirations of a nuclear weapon.