US announces sanctions against 6 Indian companies over Iran oil trade

New Delhi: The US Department of State on Wednesday announced sanctions on six Indian companies for engaging in ‘Iranian petroleum, petroleum products, or petrochemical trade’.

The companies are accused of violating American sanctions under Executive Order 13846, and Iran regime of using the revenue for conflict in the Middle East, fund terrorism, and oppress its people, according to NDTV.

The US Department of State spokesperson said: ‘The Iranian regime continues to fuel conflict in the Middle East to fund its destabilising activities. 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 six Indian companies among the 20 entities that came under US sanctions yesterday are Alchemical Solutions Private Limited (Alchemical Solutions), Global Industrial Chemicals Limited (Global Industrial), Jupiter Dye Chem Private Limited (Jupiter Dye Chem), Ramniklal S Gosalia And Company (Ramniklal), Persistent Petrochem Private Limited, and Kanchan Polymers.

Alchemical Solutions faces major allegations of buying Iranian petrochemical products worth over $84 million between January and December 2024.

Global Industrial is accused of purchasing Iranian products, including methanol, worth over $51 million between July 2024 and January 2025.

Ramniklal S Gosalia And Company is charged with buying Iranian products worth over $22 million, including methanol and toluene between January 2024 and January 2025.

Persistent Petrochem Private Limited and Kanchan Polymers are accused of purchasing products worth $14 million and $1.3 million respectively.

Announcing the sanctions, the US Department of State said its goal was ‘not to punish, but to bring about a positive change in behavior.’