(Image source from: IANS)
Six companies from India are being monitored by the US Department of State. Their issue? They "participate in the trade of Iranian oil, oil products, or petrochemicals." This is said to breach US sanctions outlined in Executive Order 13846. According to the US, the Iranian government uses the money made from this trade to support conflict in the Middle East, fund terrorism, and suppress its citizens. A spokesperson from the US Department of State stated, "The Iranian government still fuels conflicts in the Middle East to finance its harmful activities. Today, the United States is taking steps to limit the revenue that the government uses for terrorism abroad and to oppress its population." On Wednesday, the US Department of State revealed that it has applied sanctions to 20 entities, which includes six from India, for trading with Iran.
Indian Companies Facing US Sanctions:
Alchemical Solutions Private Limited (Alchemical Solutions) is facing the most serious charges, claimed to have imported and bought Iranian petrochemical products worth more than $84 million from various companies from January to December 2024.
Global Industrial Chemicals Limited (Global Industrial) is in second place, charged with importing and buying Iranian products, such as methanol, valued at over $51 million between July 2024 and January 2025.
Jupiter Dye Chem Private Limited (Jupiter Dye Chem), a petrochemical trading company from India, is accused of importing and acquiring Iranian petrochemical products, including toluene, estimated at over $49 million from January 2024 to January 2025.
Ramniklal S Gosalia And Company (Ramniklal), another petrochemical business, is said to have imported and purchased Iranian goods worth over $22 million, including methanol and toluene, between January 2024 and January 2025.
Persistent Petrochem Private Limited is noted to have imported about $14 million worth of shipments containing Iranian petrochemicals, like methanol, from various companies, including Bab Al Barsha, a commodity trading company from the UAE, with shipping dates between October 2024 and December 2024, according to the US.
Kanchan Polymers is reported to have imported and acquired over $1.3 million worth of Iranian petrochemical products, including polyethylene, from Tanais Trading.
All of these Indian companies have been labeled under section 3(a)(iii) of Executive Order 13846 for "knowingly engaging" in a major transaction for the purchase, acquisition, sale, transport, or marketing of petrochemicals from Iran.
Due to the sanctions, all properties and interests belonging to these companies in the US or controlled by US citizens are frozen. The sanctions also apply to any entity or company that is more than 50 percent owned by someone or a company that is already blocked. "All dealings by US individuals or within (or passing through) the United States that involve any property or interests of designated or otherwise blocked persons are not allowed unless given permission by a general or specific license from OFAC or exempt. These restrictions include any contributions or provision of funds, goods, or services made by, to, or for the benefit of any blocked individual and receiving any contributions or provision of funds, goods, or services from any such individual," stated the Department.
