The United States has imposed sanctions on six Indian companies for allegedly engaging in significant transactions involving Iranian-origin petroleum, petroleum products, or petrochemicals.
These sanctions were part of a broader move by the US State Department, which on July 30 announced restrictions on a total of 20 entities.
The Indian firms are accused of violating US sanctions by continuing business with Iran, a country whose petrochemical revenues, according to Washington, are used to finance terrorism, fuel conflict across the Middle East, and suppress its own citizens.
In a statement, a spokesperson for the US State Department said that the Iranian regime continues to generate funds from energy exports to support destabilizing operations abroad.
The sanctions aim to prevent Iran from using its petrochemical revenue to finance terrorism and repression, the spokesperson added.
Among the six Indian companies, Alkhemical Solutions Pvt Ltd faces the most serious allegations. It reportedly imported and purchased over $84 million worth of Iranian petrochemical products between January and December 2024.
Global Industrial Chemicals Ltd is accused of buying more than $51 million worth of Iranian methanol and other substances between July 2024 and January 2025.
Jupiter Dye Chem Pvt Ltd allegedly acquired over $49 million worth of Iranian goods, including toluene, during the same timeframe.
Ramniklal S Gosalia & Co is reported to have purchased more than $22 million worth of petrochemicals such as methanol and toluene, while Persistent Petrochem Pvt Ltd is accused of importing Iranian methanol valued at over $14 million.
The sixth company, Kanchan Polymers, allegedly bought more than $1.3 million worth of polyethylene and other products from an Iranian-linked entity, Tanais Trading.
The US government stated that all six companies were knowingly involved in significant transactions tied to Iranian petrochemical trade. As a result, any assets they hold under US jurisdiction, or those controlled by US persons, are subject to seizure.
While the sanctions are punitive in nature, the US State Department clarified that the ultimate goal is to encourage behavioral change rather than to merely punish the entities involved.
