Washington, D.C. [US], July 31 (ANI): In a sweeping move as part of its continued “maximum pressure” campaign against Iran, the United States has imposed sanctions on at least six Indian companies allegedly involved in the purchase and trade of Iranian petroleum and petrochemical products. The action is part of a broader global crackdown, with a total of 20 entities across several countries being targeted.
Announced on Wednesday by the US Department of State, the sanctions accuse the Indian firms of knowingly engaging in “significant transactions” involving Iranian oil and petrochemicals, in violation of existing American sanctions.
Alchemical Solutions Private Limited allegedly imported over USD 84 million worth of Iranian petrochemical products between January and December 2024, the largest figure among the sanctioned entities. Global Industrial Chemicals Limited reportedly purchased over USD 51 million in Iranian methanol between July 2024 and January 2025. Jupiter Dye Chem Private Limited is accused of importing Iranian petrochemical products, including toluene, valued at over USD 49 million during the same timeframe. Ramniklal S Gosalia and Company allegedly imported Iranian methanol and toluene worth over USD 22 million. Persistent Petrochem Private Limited is said to have brought in USD 14 million worth of Iranian methanol between October and December 2024. Kanchan Polymers is accused of purchasing USD 1.3 million in Iranian polyethylene products.
As a result of these sanctions, all assets of the listed Indian companies within the US or under the control of US persons are now frozen. Furthermore, American individuals and entities are barred from doing business with these companies, and any entity owned 50 percent or more by the sanctioned firms is also automatically subject to the restrictions.
The US State Department stated that the move is aimed at dismantling a global network that enables Iran to bypass sanctions and generate revenue used for what Washington alleges are “destabilizing activities” in the Middle East and support for terrorist groups.
India has historically maintained a strong trading relationship with Iran, especially in energy, but has significantly scaled back crude oil imports from Tehran since 2019, following earlier rounds of US sanctions. Despite the decline, Indian entities remain under scrutiny for possible back-channel or indirect transactions that breach sanctions.
Companies designated under these sanctions have the option to seek removal from the US Treasury’s Specially Designated Nationals (SDN) List by petitioning the Office of Foreign Assets Control (OFAC). The US government reiterated that the “ultimate goal of sanctions is not punishment, but behavioral change.”
Alongside India, entities from China, Turkey, the UAE, and Indonesia were also sanctioned for their roles in facilitating Iranian oil and petrochemical trade. The sanctions reflect the Biden and Trump administrations’ shared bipartisan approach toward Iran’s energy sector amid ongoing tensions in the region.
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