US Sanctions Four India-Based Companies Over $119 Million in Iranian Oil Trade

The US Treasury has imposed sanctions on four India-based companies and three Indian nationals for alleged involvement in Iranian oil and petrochemical trade.

The latest sanctions, part of what the US describes as an 'economic onslaught against Iran's financial connections around the globe,' target Sadashiva Overseas Limited, PP Softtech Private Limited, Prakrutees Infra Impex India Private Limited, and Portease Partners LLP.

According to the US Treasury, these companies imported a total of $119 million worth of Iranian-origin petroleum products between February 2024 and June 2025. Sadashiva Overseas Limited was found to have imported around $69 million worth of such products, while PP Softtech and Prakrutees Infra Impex India each imported approximately $25 million.

The US also sanctioned Portease Partners LLP, an India-based customs broker, for allegedly facilitating multiple shipments of Iranian petrochemical products into India. In addition to these companies, three Indian nationals, Prashant Garg, Indrismiya Asharafmiya Shekh, and Harish Ramchandra Rangi, were targeted in the sanctions.

The US Treasury Secretary described the latest measures as 'tightening the noose' around the Iranian government, while warning that economic engagement with Iran could trigger penalties. The sanctions come despite a fragile ceasefire between the US and Iran, with no lasting settlement yet in place.