US Sanctions Four India-Based Companies for Alleged Iranian Oil Trade

The US Treasury has imposed sanctions on four India-based companies for allegedly facilitating Iranian oil and petrochemical trade worth around USD 119 million.

The move is part of Washington's efforts to cut off Iran's sources of international revenue, with the US Treasury describing it as a wider economic campaign aimed at disrupting Iran's financial links worldwide.

The sanctioned companies are Sadashiva Overseas Limited, PP Softtech Private Limited, Prakrutees Infra Impex India Private Limited, and Portease Partners LLP. The latter is an India-based customs broker accused of helping move Iranian petrochemical products into India.

Three Indian nationals - Prashant Garg, director of PP Softtech, and Portease partners Indrismiya Asharafmiya Shekh and Harish Ramchandra Rangi - have also been sanctioned. The US Treasury Secretary Scott Bessent called the campaign an 'economic D-Day'.