$220 million worth of deals under scanner: After 25% tariffs, US sanctions 6 Indian firms; move taken over oil trade with Iran
The US levied sanctions against several Indian businesses, accused of engaging in petroleum and petrochemical trade with Iran, as part of a larger enforcement targeting 20 global entities.
On Wednesday, the US State Department unveiled the sanctions against 6 India-based companies, claiming these firms deliberately participated in "significant transactions" involving the acquisition and sale of Iranian petroleum products, breaching American restrictions on Iran.
Among the sanctioned Indian enterprises are prominent petrochemical traders. The heaviest accusations fell on Alchemical Solutions Private Limited, which allegedly imported Iranian petrochemical goods valued above $84 million during January-December 2024.
Global Industrial Chemicals Limited reportedly acquired Iranian petrochemicals, including methanol, worth over $51 million from July 2024 to January 2025. Jupiter Dye Chem Private Limited's imports of Iranian products, including toluene, totalled more than $49 million in this period. Ramniklal S Gosalia and Company allegedly procured Iranian petrochemicals valued above $22 million, comprising methanol and toluene, as stated by the US Justice Department in a press release.
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US Records further claim Persistent Petrochem Private Limited imported Iranian petrochemicals, mainly methanol, worth approximately $14 million between October and December 2024 while Kanchan Polymers allegedly obtained Iranian polyethene products valued at over $1.3 million.
The sanctions freeze all US-based assets of these firms or those controlled by US persons. American entities are barred from business dealings with the sanctioned organisations.
The restrictions extend to any entity with 50 per cent or greater ownership by the sanctioned companies.
These measures align with the US's ongoing "maximum pressure" strategy against Iran, focusing on the country's covert vessel network and intermediaries facilitating global Iranian oil and petrochemical distribution. American officials allege that Iran utilises revenue from these exports to support what they term "destabilising activities" in the Middle East and terrorist organisations.
India's historical trade relations with Iran have persisted, although Iranian oil imports have decreased substantially since 2019 following earlier US sanctions.
Sanctioned companies may appeal for removal from the US Treasury's Specially Designated Nationals list. The US administration states that sanctions aim to "bring about a positive change in behaviour".
Organisations seeking to challenge their designation may submit appeals to the Treasury Department's Office of Foreign Assets Control, according to official documentation from the US State Department.
In addition to the sanctions against the above Indian-based companies, few others with Indian connection have also been named by US Treasury. Tanais Way General Trading LLC is among the sanctioned and has exported shipments of Iranian-origin polyethylene to India-based Kanchan Polymers.
Additionally, Cora Lines Inc., sanctioned by the US Treasury, is a subsidiary of Teodor Shipping L.L.C., which is controlled by a UAE-based Indian national.
The enforcement action also encompasses firms in Turkey, the UAE, China, and Indonesia, which US officials identify as part of a worldwide network enabling Iranian oil and petrochemical commerce.
Read more:
US, Pakistan strike 'massive reserves' deal; Donald Trump hints at future exports
This comes soon after Trump announced imposition of 25% tariffs on India and extra penalties for their trade with Russia, effective August 1.
Also read:
Trump's rant against India undercuts claim of having used trade to broker Operation Sindoor truce with Pakistan
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