US sanctions six Indian firms for buying Iranian petroleum products

The United States on Wednesday imposed sanctions on six Indian companies for their "significant" sales and purchases of Iranian-origin petrochemical products, as part of a crackdown on entities accused of enabling Tehran’s revenue generation through oil exports.

"The Iranian regime continues to fuel conflict in the Middle East to fund its destabilizing 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 US State Department said, as it announced imposing sanctions on 20 global entities engaged in Iranian petroleum, petroleum products or petrochemical trade.

Which are the six firms?

The Indian companies named include 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.

The US accused these firms of importing millions of dollars’ worth of Iranian-origin petrochemical products such as polyethylene, methanol, and toluene in violation of US sanctions.

According to the department, Kanchan Polymers purchased over $1.3 million worth of Iranian petrochemicals through a UAE-based intermediary.

Alchemical Solutions was sanctioned for importing over $84 million worth of Iranian-origin products in 2024 alone.

Ramniklal S Gosalia and Company and Jupiter Dye Chem allegedly imported a combined total of more than $71 million worth of sanctioned materials over the past year, while Persistent Petrochem was found to have received approximately $14 million in Iranian-origin shipments via a UAE exporter.

The companies are being designated for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport or marketing of petrochemical products from Iran.

Impact on sanctioned companies

As a result of the sanctions-related actions, all property and interests in property of the designated persons that are in the United States or in possession or control of US persons are blocked and must be reported to the Department of Treasury’s Office of Foreign Assets Control.

"Today’s actions underscore our resolve to target those who enable Iran’s illicit oil and petrochemical trade and to cut off the regime’s means of funding its destabilising activities,” the State Department said.

Separately, the US Treasury Department named UAE-based Indian national Pankaj Nagjibhai Patel, who has served as an executive on several shipping companies in Hossein’s network, including Teodor Shipping, on the sanctions list.