US imposes sanctions on 6 Indian firms over Iran oil trade

The United States has announced sanctions against six Indian companies for allegedly importing petroleum and petrochemical products from Iran, in violation of American sanctions. The move is part of a wider global enforcement action involving 20 companies, revealed by the US Department of State on Wednesday.

According to the US government, the sanctioned Indian entities were “knowingly engaged in significant transactions” involving Iranian-origin goods, despite ongoing restrictions aimed at limiting Iran’s oil trade.

Among the Indian firms named, Alchemical Solutions Private Limited faces the largest allegations. The company is accused of importing more than $84 million worth of Iranian petrochemical products between January and December 2024.

Global Industrial Chemicals Limited reportedly purchased methanol and other Iranian materials valued at over $51 million between July 2024 and January 2025. Similarly, Jupiter Dye Chem Private Limited is said to have imported toluene and other chemicals worth around $49 million during the same period.

Ramniklal S. Gosalia and Company allegedly imported over $22 million in Iranian methanol and toluene, while Persistent Petrochem Private Limited is accused of buying approximately $14 million worth of methanol between October and December 2024.

Kanchan Polymers, the sixth firm named, reportedly purchased more than $1.3 million in Iranian polyethylene products.

As part of the sanctions, all assets of these companies within US jurisdiction have been frozen. American citizens and businesses are barred from engaging in any transactions with the listed entities. Furthermore, any company in which the sanctioned firms hold a 50 per cent or greater stake is also automatically blocked.

In a statement, the US State Department said: “All transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorised by a general or specific license issued by OFAC or exempt.”

The Indian government has not yet commented on the development.