US Imposes Sanctions on 6 Indian Companies: In a major development, the United States has imposed sanctions on six Indian companies for their involvement in significant trade activities involving Iranian-origin petrochemical products. The action is part of Washington’s broader effort to curtail Iran’s oil and petrochemical revenue streams, which it claims fund destabilizing activities across the Middle East.
Why the US Took Action
The U.S. State Department stated on Wednesday that it was designating over 20 entities from India, the UAE, Türkiye, and Indonesia for their role in the transshipment, sale, and purchase of Iranian-origin petrochemicals. This action comes under the United States’ continued “maximum pressure” campaign against Iran.
“The Iranian regime continues to fuel conflict in the Middle East. Today, the United States is taking action to stem the flow of revenue that the regime uses to support terrorism abroad and oppress its own people,” the State Department said in its official release.
Indian Companies Named in US Sanctions List
Among the 13 international firms sanctioned for directly engaging with Iran’s petrochemical trade, six are based in India. These companies allegedly imported Iranian-origin products such as methanol, toluene, and polyethylene in violation of U.S. sanctions.
Here is a list of the sanctioned Indian firms:
- Kanchan Polymers
- Imported over $1.3 million worth of Iranian-origin polyethylene between February and July 2024 from UAE-based Tanais Trading.
- Alchemical Solutions
- A major petrochemical trader, it imported goods valued at over $84 million from multiple sources between January and December 2024.
- Ramniklal S Gosalia & Co
- Engaged in the purchase of over $22 million in Iranian petrochemical products, including methanol and toluene, from January 2024 to January 2025.
- Jupiter Dye Chem Private Limited
- Bought Iranian-origin petrochemicals worth $49 million from various global firms during the same period.
- Global Industrial Chemicals Limited
- Conducted transactions valued at over $51 million, reportedly sourced from multiple Iranian suppliers.
- Persistent Petrochem Private Limited
- Imported Iranian-origin materials worth over $14 million in the past year.
Consequences of the Sanctions
These sanctions are severe. All property and interests of the designated companies within the United States—or under the control of U.S. persons—are now blocked. American citizens and businesses are also prohibited from engaging in any transactions with these entities.
Iran’s Shipping Empire Under Fire
In a parallel move, the U.S. Treasury Department announced the largest Iran-related sanctions package since 2018, targeting over 50 individuals, entities, and vessels linked to Iranian oil shipping networks.
Among those sanctioned is Pankaj Nagjibhai Patel, an Indian national based in the UAE, accused of helping manage oil transport vessels for Iranian elites. Patel reportedly worked as an executive with Teodor Shipping, which received millions for managing ships involved in transporting Iranian petroleum products.
Additionally, Indian nationals Jacob Kurian and Anil Kumar Panackal Narayanan Nair were named for their roles in Neo Shipping Inc., based in the Marshall Islands. Their vessel, ABHRA, is allegedly part of the sanctioned fleet.
US Stance on Iran Remains Firm
The Biden administration continues to pressure Iran to abandon its nuclear ambitions and regional interference.
“Today’s actions underscore our resolve to target those who enable Iran’s illicit oil and petrochemical trade,” the State Department emphasized. “We will continue to act until Iran forgoes all aspirations of a nuclear weapon and agrees to a peaceful resolution that promotes stability.”