Iran Petroleum Purchases: Six Indian Companies Sanctioned By US
Iran Petroleum Purchases | The United States has sanctioned at least six Indian companies for allegedly engaging in the trade of Iranian petroleum and petrochemical products, as part of a sweeping action against 20 global entities.
The move is part of Washington’s ongoing effort to tighten economic pressure on Tehran.
The US Department of State announced the sanctions on Wednesday, alleging that the Indian companies knowingly conducted “significant transactions” involving the purchase and marketing of Iranian petroleum products—actions deemed to be in violation of US sanctions on Iran.
In a statement issued by the State Department, the US said the Iranian regime “continues to fuel conflict in the Middle East to fund its destabilizing activities.” It added, “Today, the United States is taking action to stem the flow of revenue that the regime uses to support terrorism abroad, as well as to oppress its own people.”
The 20 targeted entities, along with 10 vessels identified as blocked property, are being sanctioned under Executive Order 13846. The order reimposes a range of sanctions against Iran in connection with its energy sector, following the US withdrawal from the 2015 nuclear agreement.
Iran Petroleum Purchases: Six Indian Companies
The Indian companies named in the sanctions include Kanchan Polymers, Alchemical Solutions Pvt. Ltd., Ramniklal S. Gosalia and Company, Jupiter Dye Chem Pvt. Ltd., Global Industrial Chemicals Ltd., and Persistent Petrochem Pvt. Ltd.
The Indian firms are among a broader list that includes businesses operating across the petroleum supply chain, including brokers, shipping companies, and intermediaries accused of facilitating Iranian oil sales.
What Happens Now: Sanctions Implications
Under the sanctions, all property and interests in property of these companies in the US or under the control of US persons are blocked. The sanction also blocks an entity or company which is 50 per cent or more owned by a person or company that is already blocked.
“All transactions by US persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorised by a general or specific license issued by OFAC or exempt. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person,” the Department said.
The US Department of State clarified that the goal of sanctions is “not to punish, but to bring about a positive change in behavior.”
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