U.S. Imposes Sanctions on Six Indian Companies for Buying Oil from Iran

The United States has imposed sanctions on at least six Indian companies for conducting oil and petrochemical trade with Iran. This move is part of a broader crackdown involving 20 global companies accused of violating U.S. sanctions by trading with Iran.

On Wednesday, the U.S. State Department announced the sanctions, stating that these Indian firms were involved in significant purchases and sales of Iranian oil and petrochemical products, which directly violate American sanctions laws.

List of Indian Companies Facing U.S. Sanctions

1. Alchemical Solutions Pvt. Ltd.
   – The company faces the most serious allegations, having imported Iranian petrochemical products worth over $84 million (approximately ₹700 crore) between January and December 2024.
   
2. Global Industrial Chemicals Ltd.
   – Between July 2024 and January 2025, this company purchased Iranian methanol and other products worth over $51 million (around ₹425 crore).
   
3. Jupiter Dye Chem Pvt. Ltd.
   – During the same period, the company imported Iranian products including toluene, valued at around $49 million.
   
4. Ramniklal S. Gosalia & Company
   – Accused of buying petrochemicals such as methanol and toluene worth nearly $22 million.
   
5. Persistent Petrochem Pvt. Ltd.
   – Imported $14 million worth of Iranian methanol between October and December 2024.
   
6. Kanchan Polymers
   – Allegedly purchased Iranian polyethylene products valued at $1.3 million.
   

Impact of Sanctions on Indian Companies

Following the sanctions, all U.S.-based assets of these companies have been frozen. Furthermore, any transactions between these Indian firms and American individuals or companies have been immediately prohibited. No American entity can legally engage in business with these sanctioned companies.

February 2024: Previous Sanctions on Four Indian Firms

This is not the first time the U.S. has taken such action against Indian entities. In February 2024, sanctions were imposed on four other Indian companies for allegedly facilitating the sale and transport of Iranian petroleum products.

According to the U.S. government, these companies helped Iran export oil using an illegal shipping network. The four companies sanctioned earlier this year include:

• Flux Maritime LLP (Navi Mumbai)
  
• BSM Marine LLP (Delhi-NCR)
  
• Austinship Management Pvt. Ltd. (Delhi-NCR)
  
• Cosmos Lines Inc. (Thanjavur)
  

Three of these companies were penalized for providing commercial and technical management for vessels involved in transporting Iranian oil and petroleum products. Cosmos Lines Inc. was sanctioned specifically for participating in the shipment of Iranian petroleum.

U.S. Reaffirms Commitment to Enforce Iran Sanctions

The United States has reiterated its commitment to strictly enforce sanctions against Iran by targeting companies aiding its oil exports. The latest sanctions highlight the risks businesses face when engaging in trade with sanctioned Iranian entities.