The United States has sanctioned six Indian companies for allegedly engaging in the trade of Iranian petroleum and petrochemical products, a violation of sanctions imposed under Executive Order 13846. The move, announced by the US Department of State, targets firms believed to be facilitating revenue streams that Washington says are used by the Iranian regime to fund terrorism, fuel regional conflict, and suppress internal dissent.
According to the US, the companies “knowingly engaged” in significant transactions involving Iranian-origin products. Among them, Alchemical Solutions Private Limited faces the most serious allegations, accused of importing over $84 million worth of Iranian petrochemicals throughout 2024. Global Industrial Chemicals Limited is said to have imported more than $51 million in methanol during the second half of 2024 and into early 2025. Jupiter Dye Chem Private Limited, a petrochemical trading firm, reportedly brought in over $49 million worth of Iranian petrochemicals, including toluene.
Other sanctioned firms include Ramniklal S Gosalia and Company, which allegedly imported over $22 million in methanol and toluene; Persistent Petrochem Private Limited, accused of importing $14 million worth of Iranian petrochemicals via UAE-based trading firms; and Kanchan Polymers, which reportedly purchased over $1.3 million in polyethylene from Iranian sources.
The US has blocked all property and interests in property belonging to these companies within the United States or controlled by US persons. Additionally, any entity that is at least 50 percent owned by one of the sanctioned companies is also subject to the restrictions. The sanctions prohibit any US-linked financial or commercial transactions involving these firms, unless specifically licensed or exempt.
A spokesperson for the US Department of State clarified that the intent behind the sanctions is not to punish but to encourage a change in behavior. “Today, the United States is taking action to stem the flow of revenue that the regime uses to support terrorism abroad, as well as to oppress its own people,” the department said in a statement.