US imposes sanctions on six Indian firms for engaging in the trade of Iranian petroleum products

The State Department has announced sanctions against several companies from India, the United Arab Emirates, Türkiye, and Indonesia due to their considerable involvement in the sale and purchase of petrochemical products originating from Iran. 

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The action, part of the Trump administration's broader strategy, targets six Indian firms identified for their substantial transactions concerning these products. "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," stated the Department of State on Wednesday, highlighting the imposition of sanctions on 20 global entities linked to the Iranian petroleum and petrochemical sectors. The specific Indian companies facing sanctions include: Kanchan Polymers, which imported over $1.3 million in Iranian petrochemical products, such as polyethylene, from Tanais Trading in the UAE between February and July 2024; Alchemical Solutions, a petrochemical trading firm implicated in over $84 million worth of transactions involving Iranian products from various sources throughout 2024; and Ramniklal S Gosalia & Co, which imported over $22 million in products like methanol and toluene from January 2024 to January 2025. Another company, Jupiter Dye Chem Private Limited, has also been added to the sanctions list for importing over $49 million in Iranian petrochemical products, including toluene, during the same timeframe. As the State Department reiterated, any country or individual opting to engage in trade of Iranian oil or petrochemicals risks facing U.S. sanctions and being barred from doing business with the United States.

The two Indian companies that remain under sanctions are Global Industrial Chemicals Limited and Persistent Petrochem Private Limited. They have conducted transactions totaling over 51 million dollars and 14 million dollars, respectively, with various companies, primarily in the last year. These companies are being sanctioned for knowingly engaging in significant transactions involving the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran. As a result of these sanctions, all property and interests owned by these designated entities within the United States or under the control of U.S. persons are blocked and must be reported to the Office of Foreign Assets Control at the Department of Treasury. The United States aims to maintain maximum pressure on the Iranian regime until it agrees to a deal that promotes regional peace and stability, including abandoning any ambitions related to nuclear weapons. The State Department emphasized, "Today's actions highlight our commitment to targeting those who facilitate Iran's illicit oil and petrochemical trade and to disrupt the funding of its destabilizing activities."

In a separate initiative, the U.S. Treasury Department is sanctioning over 50 individuals and entities while identifying more than 50 vessels connected to the extensive shipping empire of Mohammad Hossein Shamkhani, the son of Ali Shamkhani, a senior political advisor to Iran's Supreme Leader Ayatollah Ali Khamenei. The Treasury labeled this as the "largest Iran-related action since 2018." Among those listed is Pankaj Nagjibhai Patel, an Indian national based in the UAE, who has held executive positions within several shipping firms in Hossein's network, including Teodor Shipping. This UAE-based vessel management company has received substantial payments from Hossein's network for managing ships that transport Iranian petroleum and related products. Additionally, Indian nationals Jacob Kurian and Anil Kumar Panackal Narayanan Nair have served as the sole shareholder and director, respectively, of Neo Shipping Inc., registered in the Marshall Islands. This company is the owner of the ABHRA, one of the vessels managed for Hossein's network.