The U.S. Department of State has imposed sanctions on six India‑based companies involved in the import or trade of Iranian‑origin petroleum and petrochemical products. This action is part of a broader sanctions package targeting 20 entities worldwide for engaging in what the U.S. called “significant transactions” in sanctioned goods.
The Indian firms designated are:
- Alchemical Solutions Private Limited, alleged to have imported over $84 million worth of Iranian petrochemicals during 2024.
- Global Industrial Chemicals Limited, valued at over $51 million in methanol and related products purchased from Iran between mid‑2024 and early 2025.
- Jupiter Dye Chem Private Limited, with about $49 million worth of toluene and other materials imported.
- Ramniklal S Gosalia & Co, accused of imports worth more than $22 million.
- Persistent Petrochem Private Limited, reportedly imported approximately $14 million in methanol between October and December 2024.
- Kanchan Polymers, involved in the purchase of more than $1.3 million in polyethylene from Iran.
Under U.S. sanctions, all assets and interests of these firms within the U.S. or under U.S. jurisdiction are frozen. American citizens and businesses are barred from conducting transactions with them. Restrictions also extend to any entity in which these firms hold a 50% or greater stake.
The State Department characterised the action as part of its “maximum pressure” policy aimed at disrupting Iran’s revenue streams tied to energy exports. It emphasised ongoing efforts to dismantle networks believed to be enabling illicit trade through intermediaries, shell companies, and vessel reflagging schemes.
India has historically maintained trade ties with Iran, but significantly reduced direct oil imports following earlier U.S. sanctions after 2019. The $220 million in transactions now under scrutiny could further complicate India–U.S. relations, especially in the context of recent tariffs imposed on Indian goods.
