US sanctions 6 Indian firms for Iran oil trade.
The U.S. State Department announced sanctions on multiple companies based in India, the United Arab Emirates, Türkiye, and Indonesia. According to the State Department, the targeted firms played a crucial role in facilitating trade that violates U.S. sanctions imposed on Iran’s petrochemical sector. The action is part of ongoing efforts to enforce restrictions aimed at curbing Iran’s revenue from its energy exports.
US Sanctions Six Indian Companies Over Iranian Petrochemical Trade: A Global Crackdown Intensifies
New York — In a sweeping move aimed at curbing Iran’s revenue from its energy sector, the Trump administration has imposed sanctions on six Indian companies for what it described as “significant” transactions involving Iranian-origin petrochemical products.
The announcement, made by the U.S. These companies, according to the department, were involved in sales and purchases that directly support Iran’s petrochemical trade — a key source of funding for what the U.S.
“Today’s action is part of our ongoing effort to cut off that funding.”
Among the Indian firms facing sanctions are:
- Kanchan Polymers: The company imported more than \$1.3 million worth of Iranian petrochemical products — including polyethylene — between February and July 2024 from UAE-based Tanais Trading.
- Alchemical Solutions: A major petrochemical trading company, it reportedly purchased over \$84 million worth of Iranian-origin petrochemicals from various suppliers between January and December 2024.
- Ramniklal S. Gosalia & Co: Known for trading chemicals like methanol and toluene, this firm imported over \$22 million worth of Iranian products between January 2024 and January 2025.
- Jupiter Dye Chem Pvt. Ltd.: Sanctioned for importing toluene and other products worth more than \$49 million from multiple sources during the same period.
The two companies engaged in transactions totaling approximately \$51 million and \$14 million respectively in 2024, according to the U.S. government.
These companies have been designated for knowingly engaging in significant transactions related to the acquisition, sale, transport, or marketing of petrochemical products originating in Iran. As a consequence, all property and financial interests of these entities within U.S. jurisdiction are now blocked and must be reported to the U.S. Treasury’s Office of Foreign Assets Control (OFAC).
“We will continue imposing economic pressure until Iran agrees to a comprehensive deal that ensures regional stability and eliminates the threat of a nuclear Iran,” the State Department reiterated.
Meanwhile, the U.S. Treasury Department also launched its largest Iran-related sanctions action since 2018, designating more than 50 individuals, entities, and vessels linked to a shipping network controlled by Mohammad Hossein Shamkhani.
Among those named is Pankaj Nagjibhai Patel, an Indian national based in the UAE, who has held executive roles in several shipping companies within Hossein’s network. Indian nationals Jacob Kurian and Anil Kumar Panackal Narayanan Nair were also identified as having key roles in Neo Shipping Inc., a Marshall Islands-based firm tied to the transportation of Iranian oil.
This latest round of sanctions underscores the U.S. commitment to cutting off any actors enabling Iran’s illicit oil and petrochemical trade. It sends a clear message: companies and individuals who help Iran evade sanctions risk losing access to the U.S. market — and much more.