A day after US President Donald Trump announced hefty 25 percent tariff on India, the US Department of State has imposed sanctions on six Indian entities over oil dealings with Iran. As per the statement issued by the US, these six India-based companies are Kanchan Polymers, Alchemical Solutions, Ramniklal S Gosalia and company, Jupiter Dye Chem, Global Industrial Chemicals, Persistent Petrochem.
“As a result of today’s sanctions-related actions, and in accordance with E.O. 13846, all property and interests in property of the designated persons are in the United States or in possession or control of U.S. persons are blocked and must be reported to the Department of Treasury’s Office of Foreign Assets Control (OFAC). Additionally, all entities and individuals that have ownership, either directly or indirectly, 50 percent or more by one or more blocked persons are also blocked,” the statement read.
Among the sanctioned Indian companies, US alleges that Alchemical Solutions Private Limited made the heftiest payment of over $84 million to multiple Iranian companies between January and December 2024. The other five Indian companies made payments ranging between $1.3 million to $51 million to Iranian companies for purchase of petroleum products, according to the official US statement.
Apart from six Indian companies, 14 other entities headquartered in other countries will also face the new US sanctions. “The Department of State is imposing sanctions on 20 entities engaged in Iranian petroleum, petroleum products, or petrochemical trade and is identifying 10 vessels as blocked property,” the statement said.
Giving reasons behind the fresh penalties, the US Department of State said, “Iran’s oil and petrochemical exports are enabled by a network of such illicit shipping facilitators in multiple jurisdictions who, through obfuscation and deception, load and transport Iranian oil and petrochemicals for sale to buyers in third countries. The vessels managed by these companies have moved millions of barrels of Iranian crude oil, petroleum products, and petrochemical products and play a key role in the Iranian export supply chain.” The list also includes Chinese firms.
Full list of companies hit by US sanctions over Iran trade
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