US sanctions four India-based companies for oil trade in new economic crackdown
PTC News Desk: The Donald Trump administration has imposed sanctions on four India-based companies over their alleged involvement in Iranian oil and petrochemical trade worth around USD 119 million. The move is part of Washington’s efforts to cut off Iran’s sources of international revenue. Three Indian nationals were also included in the sanctions announced under the Operation Economic Outcast initiative.
The US Treasury described the action as part of a wider economic campaign aimed at disrupting Iran’s financial links around the world. It said India-based Sadashiva Overseas Limited imported around USD 69 million worth of Iranian petroleum products between February 2024 and June 2025. Some of these shipments were reportedly connected to Bonjoure Commodity FZE, which has already been sanctioned by the US.
PP Softtech Private Limited and Prakrutees Infra Impex India Private Limited were each accused of importing around USD 25 million worth of Iranian petroleum products. Together with Sadashiva Overseas, the imports cited by the US were valued at about USD 119 million.
The fourth firm, Portease Partners LLP, an India-based customs broker, was sanctioned for allegedly helping move several shipments of Iranian petrochemical products into India.
The US also sanctioned three Indian nationals — Prashant Garg, director of PP Softtech, and Portease partners Indrismiya Asharafmiya Shekh and Harish Ramchandra Rangi.
US steps up economic pressure on Iran
US Treasury Secretary Scott Bessent said the new sanctions would increase pressure on the Iranian government, calling the campaign an “economic D-Day.” Washington has warned that any form of economic dealings with Iran could lead to sanctions as it tries to financially isolate Tehran.
The latest action comes despite a fragile ceasefire between the US and Iran, with no permanent agreement reached so far. Washington had previously sanctioned other India-based companies over alleged Iranian oil dealings, including four firms in February and six companies along with three Indian nationals in July last year.
The new sanctions also cover around 20 companies in China and Hong Kong and four Chinese nationals. In total, nearly 60 individuals, companies and vessels have been targeted by the US Treasury.
Iran rejects US sanctions
Iran has strongly opposed the latest US measures. Its Foreign Ministry said the sanctions violated international law and the UN Charter.
The ministry said countries that value their sovereignty and national interests would not accept what it described as unlawful pressure and intimidation.
Iranian Economy Minister Ali Madanizadeh said the country was fully prepared to deal with the new sanctions and had a two-year plan to counter their impact.
Iranian Parliament Speaker Mohammad Baqer Ghalibaf also dismissed US warnings against countries trading with Iran, calling them “big talk.” He said Iran’s trading partners had told Tehran that they considered Washington’s threats meaningless.
- With inputs from agencies
