us-sanctions-6-indian-firms-for-iran-oil-trade

The US State Department, in an official statement, said, “The Iranian regime continues to fuel conflict in the Middle East to fund its destabilising activities. The US government today is taking action to restrict the flow of revenue that the regime uses to support terrorism abroad, as well as to oppress its people.”

 

This came after the US State Department announced sanctions on 20 global firms engaged in Iranian petrochemical trade. The companies based in India, Türkiye, Indonesia, and the United Arab Emirates are being designated for their extensive trade with Iran.

 

It said, reminding the companies of previous warnings, “As President Trump has said, any country or person who chooses to purchase Iranian oil or petrochemicals exposes themselves to the risk of US sanctions and will not be allowed to conduct business with the United States.”

 

There are approximately 13 international firms that have violated the previous advisories and, therefore, are now under US sanctions.

 

The targeted Indian companies include Kanchan Polymers, which has imported and purchased over 1.3 million dollars’ worth of Iranian-origin petrochemical products.

 

Ramniklal S. Gosalia & Co. — it imported and purchased Iranian-origin petrochemical products valued at over 22 million dollars.

 

Similarly, Jupiter Dye Chem Private Limited is also on the sanctions list for purchasing commodities worth 49 million dollars from multiple companies between January 2024 and January 2025.

 

The other two entities are Global Industrial Chemicals Limited and Persistent Petrochem Private Limited for making purchases worth over 51 million dollars and 14 million dollars, respectively, with multiple companies mainly during the last year.

 

The statement further said that it has blacklisted or sanctioned Dubai-based Indian national Pankaj Nagjibhai Patel, who has served as an executive on several shipping companies in Hossein’s network, including Teodor Shipping.

 

Indian nationals Jacob Kurian and Anil Kumar Panackal Narayanan Nair, who have served as the sole shareholder and director, respectively, of Marshall Islands-based Neo Shipping Inc., are also on the sanctions list, the department said.