‘Stem revenue that regime uses to support terrorism': Six Indian firms face US sanctions over ‘Iran oil 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.
Explaining the imposition of the sanctions, the US state department said: 'The Iranian regime continues to fuel conflict in the Middle East to fund its destabilizing 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 is imposing sanctions on 20 entities engaged in Iranian petroleum, petroleum products, or petrochemical trade and is identifying 10 vessels as blocked property.'
It added: 'All targets are being designated pursuant to Executive Order (E.O.) 13846, which authorises and reimposes certain sanctions with respect to Iran.'
The state department further stated that the 'action includes the designation of thirteen entities across multiple jurisdictions, which have engaged in the transshipment, sale, and purchase of Iranian-origin petrochemicals.'
'Similar to the regime's illicit oil exports, Iranian petrochemical products are frequently transshipped through intermediaries in third countries in attempts to obfuscate their origin before the products reach their ultimate buyers. Today's action targets those intermediaries, as well as the buyers of Iranian petrochemical products,' the statement read.
The six Indian firms that have been hit with sanctions:
Kanchan Polymers: The company has been accused of importing and purchasing over $1.3 million worth of Iranian-origin petrochemical products, including polyethylene, from Tanais Trading, another firm that has been hit by the sanctions.
Alchemical Solutions Private Limited (Alchemical Solutions): A petrochemical trading company that has imported and purchased Iranian-origin petrochemical products worth over $84 million from multiple companies between January and December 2024.
Ramniklal S Gosalia and Company (Ramniklal): A petrochemical company that imported and purchased Iranian-origin petrochemical products valued at over $22 million, including methanol and toluene, from multiple companies between January 2024 and January 2025.
Jupiter Dye Chem Private Limited (Jupiter Dye Chem): This petrochemical trading company has imported and purchased Iranian-origin petrochemical products, including toluene, valued at over $49 million from multiple companies between January 2024 and January 2025
Global Industrial Chemicals Limited (Global Industrial): The company has allegedly imported and purchased Iranian-origin petrochemical products, including methanol, worth over $51 million from multiple companies, between July 2024 and January 2025.
Persistent Petrochem Private Limited: The company has been accused of importing approximately $14 million worth of shipments containing Iranian-origin petrochemicals, such as methanol, from multiple companies, including from Bab al Barsha, with shipping dates between October 2024 and December 2024.
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, the state department statement read.
'Today's actions underscore our resolve to target those who enable Iran's illicit oil and petrochemical trade and to cut off the regime's means of funding its destabilising activities,' the State Department said.
In February, the US had sanctioned four India-based companies — Navi Mumbai-based Flux Maritime LLP, National Capital Region-based BSM Marine LLP and Austinship Management Pvt Ltd, and Thanjavur-based Cosmos Lines — for being commercial or technical managers of vessels allegedly involved in transportation of Iranian oil and petroleum products.
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