The US Department of State on Wednesday announced sanctions against multiple firms - including several from India - for engaging in significant transactions involving Iranian petroleum and petrochemical products.
Indian companies were found to have allegedly imported substances such as methanol, toluene, and polyethylene between January 2024 and January 2025. The sanctions also targeted firms based in Turkey, the UAE, China, and Indonesia.
Among the Indian companies named are Kanchan Polymers, Alchemical Solutions Pvt Ltd, Ramniklal S Gosalia and Company, Jupiter Dye Chem Pvt Ltd, Global Industrial Chemicals Ltd., and Persistent Petrochem Pvt. Ltd.
"These companies have collectively imported tens of millions of dollars' worth of Iranian-origin petrochemicals," the US State Department said, citing their role in transactions that "generate billions of dollars in illicit funds for Iran's destabilising activities".
The US said Kanchan Polymers purchased over $1.3 million worth of Iranian polyethylene via a UAE intermediary, Tanais Trading. Meanwhile, Alchemical Solutions imported more than $84 million worth of Iranian-origin petrochemical products from multiple sources, making it one of the largest violators in this round of designations.
Jupiter Dye Chem, based in India, was found to have imported Iranian-origin petrochemicals - including toluene - valued at over $49 million during the year-long period. Likewise, Global Industrial Chemicals Ltd. brought in more than $51 million worth of methanol and other petrochemical products of Iranian origin.
The Department also named Persistent Petrochem Pvt. Ltd. for importing approximately $14 million worth of Iranian-origin petrochemical shipments through UAE-based Bab Al Barsha Trading LLC, which has also been sanctioned.
The US made it clear that these sanctions are not symbolic. “All property and interests in the property of the designated persons that are in the United States or in the possession or control of U.S. persons are blocked,” the statement said, adding that all related transactions are now prohibited without specific authorisation from the Office of Foreign Assets Control (OFAC).
However, the department said, "The ultimate goal of sanctions is not to punish, but to bring about a positive change in behaviour".
The Indian companies have not yet issued public statements in response to the US action.
Source: ANI