Donald Trump Tariffs News Live Updates: India braces for 25% tariffs plus penalty for Russia trade; 6 Indian companies face US sanctions for oil purchase
India caught in US-Iran crossfire: Trump administation orders sanctions against 6 companies over oil trade; $220 million worth of deals under scanner
The US has sanctioned six Indian companies for allegedly engaging in significant petroleum and petrochemical trade with Iran, in violation of American sanctions.
The firms include Alchemical Solutions, Global Industrial Chemicals, Jupiter Dye Chem, Ramniklal S Gosalia and Company, Persistent Petrochem, and Kanchan Polymers.
Alchemical Solutions faces the largest allegation, with imports of Iranian petrochemical goods worth over $84 million in 2024. The sanctions freeze any US-linked assets and prohibit American entities from conducting business with these firms. The action is part of a broader enforcement against 20 global entities under the US's "maximum pressure" strategy on Iran.
Companies may appeal their designation to the US Treasury's Office of Foreign Assets Control.
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