The US Department of State has announced sanctions on 20 entities, including six Indian companies, for allegedly engaging in the trade of Iranian petroleum, petroleum products, and petrochemicals, in violation of Executive Order 13846.
According to the US, these firms helped generate revenue for Iran, which Washington says is used to “fuel conflict in the Middle East, fund terrorism abroad, and oppress its own people.”
The Six Indian Companies Under Sanctions
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Alchemical Solutions Private Limited – Accused of importing over $84 million worth of Iranian petrochemical products between Jan–Dec 2024.
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Global Industrial Chemicals Limited – Allegedly imported $51 million worth of Iranian petrochemical products, including methanol, between Jul 2024–Jan 2025.
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Jupiter Dye Chem Private Limited – Reportedly imported $49 million worth of Iranian-origin products like toluene between Jan 2024–Jan 2025.
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Ramniklal S Gosalia And Company – Imported $22 million worth of Iranian petrochemicals, including methanol and toluene.
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Persistent Petrochem Private Limited – Imported $14 million worth of Iranian products, with shipments traced from Oct–Dec 2024.
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Kanchan Polymers – Accused of importing $1.3 million worth of Iranian-origin petrochemical products, including polyethylene.
Sanctions and Implications
These companies have been designated under Section 3(a)(iii) of Executive Order 13846 for “knowingly engaging” in significant transactions involving Iranian petrochemicals.
As a result:
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All property and assets of these firms in the US or under US control are now frozen.
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US persons and entities are prohibited from conducting any transactions with these companies.
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Any company that is 50% or more owned by these sanctioned firms is also automatically blocked.
The US Department of State clarified:
“The goal of sanctions is not to punish, but to bring about a positive change in behavior.”
Broader Context
The US has repeatedly warned countries and companies against engaging with Iran’s energy sector, citing that revenues from such trade are diverted towards regional conflicts and terrorist financing.
