The United States has imposed sanctions on at least six Indian companies accused of trading in Iranian petroleum and petrochemicals, as part of a broader action targeting 20 entities across the globe. The sanctions were announced by the US Department of State on Wednesday, citing violations of American sanctions against Iran.

Indian Companies Named in US Sanctions

According to the State Department, the sanctioned Indian firms knowingly engaged in significant transactions involving the purchase and marketing of Iranian petroleum products. These companies include:

• Alchemical Solutions Private Limited – Accused of importing over USD 84 million worth of Iranian petrochemical products between January and December 2024.
• Global Industrial Chemicals Limited – Allegedly purchased Iranian methanol and other petrochemicals worth USD 51 million between July 2024 and January 2025.
• Jupiter Dye Chem Private Limited – Reportedly imported Iranian products, including toluene, valued at USD 49 million during the same period.
• Ramniklal S Gosalia and Company – Accused of purchasing Iranian petrochemicals worth USD 22 million, including methanol and toluene.
• Persistent Petrochem Private Limited – Allegedly imported approximately USD 14 million worth of Iranian methanol between October and December 2024.
• Kanchan Polymers – Said to have purchased Iranian polyethylene products worth USD 1.3 million.

Impact of Sanctions

Under the new sanctions:

• All assets of these companies in the US or controlled by US persons are now frozen.
• American individuals and businesses are prohibited from conducting transactions with the sanctioned entities.
• Any entity 50% or more owned by these companies is also blocked.

The US says these measures are part of its “maximum pressure” campaign against Iran, aimed at cutting off revenue sources allegedly used to fund destabilising activities in the Middle East and terrorist groups.

US: Sanctions Aim for Behaviour Change

While announcing the sanctions, US officials stressed that the ultimate goal is not punishment, but to encourage positive behavioural changes. Companies wishing to contest their designation can petition for removal from the US Treasury’s Specially Designated Nationals (SDN) list by applying to the Office of Foreign Assets Control (OFAC).

Broader Crackdown on Iran’s Oil Trade

The action against Indian companies comes as part of a wider crackdown on Iran’s “shadow fleet” of vessels and intermediaries involved in global oil and petrochemical trade. Sanctions were also imposed on companies based in Turkey, the UAE, China, and Indonesia, highlighting what Washington calls a global network facilitating Iranian exports.

India-Iran Trade Relations Under Pressure

India has historically maintained trade ties with Iran but has significantly reduced oil imports from Tehran since 2019, following earlier rounds of US sanctions. However, the latest action underscores continued US scrutiny of any entities involved in Iranian energy transactions.