The United States has imposed sanctions on six Indian companies accused of engaging in significant transactions involving Iranian petroleum and petrochemical products, violating U.S. sanctions on Iran. 

This action, announced by the U.S. Department of State on July 30, 2025, is part of a broader global campaign targeting 20 entities worldwide involved in Iranian oil and petrochemical trade.

The Indian companies sanctioned include prominent petrochemical traders: Alchemical Solutions Private Limited, Global Industrial Chemicals Limited, Jupiter Dye Chem Private Limited, Ramniklal S Gosalia and Company, Persistent Petrochem Private Limited, and Kanchan Polymers.

The specific allegations against these Indian firms are substantial:

Alchemical Solutions Private Limited is accused of importing Iranian petrochemical products worth over USD 84 million from January to December 2024.

Global Industrial Chemicals Limited allegedly purchased Iranian petrochemicals, including methanol, valued at over USD 51 million between July 2024 and January 2025.

Jupiter Dye Chem Private Limited reportedly imported Iranian products, including toluene, worth over USD 49 million in the same period.

Ramniklal S Gosalia and Company is alleged to have purchased Iranian petrochemicals valued at over USD 22 million, including methanol and toluene.

Persistent Petrochem Private Limited imported approximately USD 14 million worth of methanol between October and December 2024.

Kanchan Polymers allegedly purchased over USD 1.3 million in Iranian polyethylene products.

These sanctions freeze all assets of the designated companies within U.S. jurisdiction or controlled by U.S. persons, prohibit American individuals and companies from conducting business with them, and extend to any entities 50% or more owned by the sanctioned firms. Furthermore, the sanctions encompass blocking related vessels and intermediaries involved in facilitating the Iranian oil trade.

The sanctions align with the U.S.'s ongoing "maximum pressure" campaign to curtail Iran's ability to fund what it describes as "destabilizing activities" in the Middle East and support for terrorist groups. 

The U.S. asserts that Iran uses revenue from oil and petrochemical exports to finance these activities. Besides Indian companies, the U.S. has targeted entities in Turkey, the UAE, China, and Indonesia as part of this global crackdown aimed at dismantling networks involved in the illicit trade of Iranian crude oil and petrochemical products.

Historically, India maintained trade links with Iran, including oil imports, but significantly reduced Iranian oil imports since 2019 in response to earlier U.S. sanctions.

The newly sanctioned companies can petition the U.S. Treasury’s Office of Foreign Assets Control (OFAC) for removal from the Specially Designated Nationals list. The U.S. government emphasizes that the primary goal of these sanctions is to encourage a change in behaviour rather than to punish.

This development marks a significant escalation in U.S. sanctions enforcement against Indian firms engaged in Iranian oil trade and occurs amid ongoing tense diplomatic and trade negotiations between the U.S. and India. It underscores the complexities India faces in balancing its energy and economic interests with the pressures of U.S. foreign policy and sanction regimes.

The sanctions imposed by the U.S. on these six Indian companies address their alleged involvement in the purchase and marketing of Iranian petroleum and petrochemical products, which contravenes U.S. sanctions policy against Iran, and form part of a global effort to restrict Iran's oil revenue streams supporting activities deemed destabilising by Washington.

The affected Indian firms now face asset freezes and are barred from engaging in business transactions with U.S. persons until the matter is resolved or their sanction status is successfully petitioned.

Based On ANI Report