New Delhi: The United States (US) has imposed sanctions on four companies based in India, accusing them of buying petroleum and petrochemical products from Iran. The action was set out in a press release issued by the US State Department.
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The designations form part of a wider drive announced on Monday by Scott Bessent, the US Treasury Secretary. Named Operation Economic Outcast, it is aimed at shutting off every remaining channel through which Iran earns money. Bessent characterised the effort as an unprecedented campaign to sever Iran's financial lifelines.
Washington has also instructed other governments to wind down their economic dealings with Iran or face consequences.
The move widens the exposure of anyone still transacting with Tehran to secondary sanctions. That exposure now extends across entities of every kind, whether countries, businesses or organisations.
One of those designated is a customs broker, Portease Partners LLP. Two of its partners, Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi, have been named alongside it. The State Department said in Monday's release that they helped bring in several consignments of Iranian petrochemical products.
The remaining three are Sadashiva Overseas Limited, PP Softtech Private Limited and Prakrutees Infra Impex Private Limited. Prashant Garg, a director of PP Softtech, has also been designated.
Sheikh, Rangi and Garg are described in the release as Indian nationals.
Sadashiva Overseas brought in Iranian-origin petroleum products worth roughly USD 69 million, sourced from a number of companies, according to the release. PP Softtech and Prakrutees Infra each imported petroleum products valued at USD 25 million, it said.
The companies were listed for "knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran," the release said.
Tommy Pigott, spokesperson for the State Department, said in a statement on Monday, "Today, the United States took sweeping action against multiple entities, individuals, and vessels enabling the Iranian regime's destabilising activities."
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He went on, "Such activities include attacks against US forces and allies in the region, illicit weapons procurement, cyber intrusions into American infrastructure, and the movement of energy products whose sale funds terrorism globally."