US slaps sanctions on 6 Indian companies over Iran oil trade
PTC News Desk: The US Department of State on Wednesday announced sanctions on multiple firms including 6 from India for continuous for engaging in significant transactions involving Iranian petroleum and petrochemical products.
The Indian companies have allegedly imported substances such as methanol, toluene, and polyethylene between January 2024 and January 2025.
The US Department also slapped sanctions on firms based in Turkey, the UAE, China, and Indonesia.
The president shared on Truth Social that it had been a “very busy” day in the White House, largely focused on trade negotiations. “I have spoken to the Leaders of many Countries, all of whom want to make the United States ‘extremely happy,’” he said. “All of this will help reduce our Trade Deficit in a very major way.”
Among the Indian companies named 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.
"These companies have collectively imported tens of millions of dollars' worth of Iranian-origin petrochemicals," the US State Department said, citing their role in transactions that "generate billions of dollars in illicit funds for Iran's destabilising activities".
The U.S. government reported that Kanchan Polymers acquired over $1.3 million worth of Iranian polyethylene through a UAE-based intermediary, Tanais Trading. In comparison, Alchemical Solutions was found to have imported more than $84 million in Iranian-origin petrochemicals from various sources, making it one of the most significant violators in this latest set of sanctions.
Indian company Jupiter Dye Chem was also cited for importing over $49 million worth of Iranian petrochemicals, including toluene, over the past year. Similarly, Global Industrial Chemicals Ltd. was found to have imported more than $51 million worth of methanol and other Iranian petrochemical products.
- With inputs from agencies
