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Mint
31-07-2025
- Business
- Mint
What we know about six Indian companies sanctioned by Donald Trump's administration for trade with Iran
The Donald Trump administration has sanctioned six Indian companies for trading with Iran, specifically the embattled middle-eastern countries' petroleum, and petrochemical industries. The full sanction list included a total of 13 companies from India, China, Indonesia, Turkiye, and the United Arab Emirates (UAE). Notably, this came after Donald Trump said that trade negotiations with India would continue, even after the US slapped a 25 per cent tariff and penalties on the country, for purchasing Russian oil. According to an official statement, the United States government said that the 13 entities being targetted for action, have 'engaged in the trans-shipment, sale, and purchase of Iranian-origin petrochemicals'. The move, it added, comes the US views Iran's petrochemical industry and exports as 'a critical sector of the Iranian economy, and have grown in recent years to generate billions of dollars in illicit funds for Iran's destabilising activities'. Kanchan Polymers: The US statement said that Kanchan Polymers has been recorded to have imported and purchased 'over $1.3 million worth of Iranian-origin petrochemical products', including polyethylene, from a sanctioned Iranian company named Tanais Trading. It added, 'Kanchan Polymers is being designated for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran.' Alchemical Solutions: The report said that this petrochemical trading company imported and purchased Iranian-origin petrochemical products valued at over $84 million from multiple companies between January and December 2024. Adding, 'Alchemical Solutions is being designated for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran,' it said. Ramniklal S Gosalia and Company: As per the report, the petrochemical company that imported and purchased Iranian-origin petrochemical products valued at over $22 milion, including methanol and toluene, from multiple companies between January 2024 and January 2025. It said, 'Ramniklal is being designated for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran.' Jupiter Dye Chemical: An India-based petrochemical trading company that has imported and purchased Iranian-origin petrochemical products, including toluene, valued at over $49 million from multiple companies between January 2024 and January 2025. It is 'being designated for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran,' it said. Global Industrial Chemicals: India-based company that has imported and purchased Iranian-origin petrochemical products, including methanol, valued at over $51 million from multiple companies, between July 2024 and January 2025. It is 'being designated for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran,' the statement added. Persistent Petrochem: An India-based company that has imported 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. The statement said the company 'is being designated for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran'. The statement added that the US government is 'willing to remove persons from the SDN List consistent with the law' and that the goal is 'not to punish, but bring about a positive change in behaviour'. Those affected can try the following step to appeal the sanctions: Petitions for removal may be sent to: OFAC. Or use this email: Reconsideration@ Further, petitioners may also refer to the Department of State's Delisting Guidance page.
New Indian Express
31-07-2025
- Business
- New Indian Express
US sanctions six Indian companies over trade of Iranian petroleum products
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. "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. Separately, the US Treasury Department is designating more than 50 individuals and entities and identifying more than 50 vessels that are part of the vast shipping empire controlled by Mohammad Hossein Shamkhani, son of Ali Shamkhani, a top political advisor to the Supreme Leader of Iran Ayatollah Ali Khamenei. The Treasury Department described this as the "largest Iran-related action since 2018." The Treasury statement also names UAE-based Indian national Pankaj Nagjibhai Patel, who has served as an executive on several shipping companies in Hossein's network, including Teodor Shipping, on the sanctions list. Teodor Shipping is a UAE-based vessel management firm that has received millions of dollars from Hossein's network for the management of vessels transporting Iranian petroleum and petroleum products, the department said. Indian nationals Jacob Kurian and Anil Kumar Panackal Narayanan Nair have served as the sole shareholder and director, respectively, of Marshall Islands-based Neo Shipping Inc., the registered owner of the ABHRA, one of the fleet of vessels managed on behalf of Hossein's network, the department said.
