Latest news with #PersistentPetrochem
Time of India
01-08-2025
- Business
- Time of India
US sanctions six Indian firms over Iranian petrochemical imports
The USA has imposed sanctions on at least six India-based companies, accusing them of imported Iranian petrochemical products worth millions of dollars. The action is part of its latest Iran-related sanctions targeting several global entities allegedly engaged in trade of Iranian oil, petroleum products, and petrochemicals. Chennai -based Kanchan Polymers and five Mumbai -based firms-Alchemical Solutions (also known as Chemform Trading), Ramniklal S Gosalia and Company, Jupiter Dye Chem, Global Industrial Chemicals, and Persistent Petrochem -are in the sanctions list issued by the state department as well as the office of foreign assets control (OFAC) on Wednesday (Thursday morning in India). The biggest accusation is against Alchemical Solutions , which allegedly purchased and imported Iranian-origin petrochemical products-which are under US sanctions-worth over $84 million from multiple companies between January and December 2024. Global Industrial is accused of importing Iranian products, including methanol, worth over $51 million between July 2024 and January 2025, while Jupiter Dye Chem is accused of importing products, including toluene, worth over $49 million between January 2024 and January 2025. Ramniklal allegedly imported Iranian petrochemical products, including methanol and toluene, worth over $22 million between January 2024 and January 2025. Persistent Petrochem allegedly imported approximately $14 million worth of Iranian petrochemicals from multiple companies, including Bab Al Barsha, a UAE-based commodities trading company, with shipping dates between October 2024 and December 2024. Kanchan Polymers is accused of importing over $1.3 million worth of Iranian-origin petrochemical products, including polyethylene, from Tanais Trading. These Indian firms have been designated under section 3(a)(iii) of executive order 13846 for "knowingly engaging" in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran. Under the sanctions, all property and interests in property of these companies in the US or under the control of US persons are blocked. The sanctions also block an entity or company which is 50% or more owned by a person or company that is already blocked. Iran Protests Reacting to the development, the Iranian embassy in India on Thursday criticised the US for weaponising economy by imposing sanctions on independent nations like Iran and India. "The United States continues to weaponise the economy and use #sanctions as tools to dictate its will on independent nations such as Iran and India and impede their growth and development," the embassy said in a post on X shared via its official handle @Iran_in_India.
Time of India
31-07-2025
- Business
- Time of India
US sanctions six Indian firms over Iranian petrochemical imports
The USA has imposed sanctions on at least six India-based companies, accusing them of imported Iranian petrochemical products worth millions of dollars. The action is part of its latest Iran-related sanctions targeting several global entities allegedly engaged in trade of Iranian oil, petroleum products, and petrochemicals. Explore courses from Top Institutes in Please select course: Select a Course Category Others Data Science PGDM MCA Technology others Data Science Leadership Project Management Product Management Operations Management Digital Marketing Cybersecurity Design Thinking Healthcare MBA Finance healthcare Management CXO Degree Data Analytics Public Policy Artificial Intelligence Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details Chennai -based Kanchan Polymers and five Mumbai -based firms-Alchemical Solutions (also known as Chemform Trading), Ramniklal S Gosalia and Company, Jupiter Dye Chem, Global Industrial Chemicals, and Persistent Petrochem -are in the sanctions list issued by the state department as well as the office of foreign assets control (OFAC) on Wednesday (Thursday morning in India). The biggest accusation is against Alchemical Solutions , which allegedly purchased and imported Iranian-origin petrochemical products-which are under US sanctions-worth over $84 million from multiple companies between January and December 2024. Global Industrial is accused of importing Iranian products, including methanol, worth over $51 million between July 2024 and January 2025, while Jupiter Dye Chem is accused of importing products, including toluene, worth over $49 million between January 2024 and January 2025. Ramniklal allegedly imported Iranian petrochemical products, including methanol and toluene, worth over $22 million between January 2024 and January 2025. Persistent Petrochem allegedly imported approximately $14 million worth of Iranian petrochemicals from multiple companies, including Bab Al Barsha, a UAE-based commodities trading company, with shipping dates between October 2024 and December 2024. Kanchan Polymers is accused of importing over $1.3 million worth of Iranian-origin petrochemical products, including polyethylene, from Tanais Trading. These Indian firms have been designated under section 3(a)(iii) of executive order 13846 for "knowingly engaging" in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran. Under the sanctions, all property and interests in property of these companies in the US or under the control of US persons are blocked. The sanctions also block an entity or company which is 50% or more owned by a person or company that is already blocked. Iran Protests Reacting to the development, the Iranian embassy in India on Thursday criticised the US for weaponising economy by imposing sanctions on independent nations like Iran and India. "The United States continues to weaponise the economy and use #sanctions as tools to dictate its will on independent nations such as Iran and India and impede their growth and development," the embassy said in a post on X shared via its official handle @Iran_in_India. Economic Times WhatsApp channel )
