US Sanctions Six Indian Companies Over Iran Oil Trade Ties
The US Department of State on Wednesday sanctioned multiple companies, including six from India, for their alleged involvement in significant transactions of Iranian petroleum and petrochemical products. The move is part of a wider crackdown targeting firms in Turkey, the UAE, China, and Indonesia accused of helping Iran generate illicit revenue.
The Indian companies named in the sanctions are 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. According to the State Department, these firms allegedly imported substances like methanol, toluene, and polyethylene from Iran between January 2024 and January 2025.
In its statement, the US government said these companies had “collectively imported tens of millions of dollars’ worth of Iranian-origin petrochemicals,” contributing to transactions that “generate billions of dollars in illicit funds for Iran’s destabilising activities.” The statement highlighted several large-scale transactions, noting that Alchemical Solutions imported over $84 million worth of Iranian petrochemicals, while Jupiter Dye Chem and Global Industrial Chemicals were cited for imports valued at over $49 million and $51 million, respectively.
The sanctions are not merely symbolic. According to the US State Department, “All property and interests in the property of the designated persons that are in the United States or in the possession or control of U.S. persons are blocked.” This means all related transactions are now prohibited unless specifically authorized by the Office of Foreign Assets Control (OFAC).
Despite the stringent measures, the department clarified its intent, stating, “The ultimate goal of sanctions is not to punish, but to bring about a positive change in behaviour.” As of now, the sanctioned Indian companies have not issued any public statements in response to the US action.
