Arya News - The Donald Trump-led administration has even told countries to cut economic ties with Tehran or face retaliation.
NEW DELHI – Four India-based companies have been sanctioned by the United States for importing petroleum and petrochemical products from Iran, the US State Department said.
On Monday, August 24, US Treasury Secretary Scott Bessent announced the ‘Operation Economic Outcast’ that essentially involves new sanctions aimed at blocking all potential sources of revenue for Iran, amid the ongoing war in West Asia.
The Donald Trump-led administration has even told countries to cut economic ties with Tehran or face retaliation, PTI reported.
Bessent stated that the unprecedented campaign was to sever Iran’s financial lifelines, broadening the risk of secondary sanctions for entities – which could be for nations, businesses or organisations – continuing to do business with Tehran.
‘India-based companies’ on list
The four “India-based companies” that are facing action is a customs broker identified as Portease Partners LLP as well as its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi. In its official release on Monday, the US State Department claimed that they facilitated the import of multiple shipments of Iranian petrochemical products.
Among others are Sadashiva Overseas Limited; PP Softtech Private Limited, along with its director Prashant Garg; and Prakrutees Infra Impex Private Limited.
The US State Department identified Sheikh, Rangi and Garg as Indian nationals.
It further stated that Sadashiva Overseas imported Iranian-origin petroleum products worth around $69 million from various companies, while PP Softtech and Prakrutees Infra imported petroleum products worth $25 million each.
The companies have been put on the list for “knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran”.
“Today, the United States took sweeping action against multiple entities, individuals, and vessels enabling the Iranian regime’s destabilising activities,” US State Department spokesperson Tommy Pigott said in a statement on Monday.
He added, “Such activities include attacks against US forces and allies in the region, illicit weapons procurement, cyber intrusions into American infrastructure, and the movement of energy products whose sale funds terrorism globally”.