US Sanctions Four Indian Firms for Iranian Oil Imports Worth Millions

The US has imposed sanctions on four Indian companies for importing petroleum and petrochemical products from Iran. The move is part of 'Operation Economic Outcast', an unprecedented campaign to cut off Iran's financial lifelines, according to US Treasury Secretary Scott Bessent.

The targeted Indian firms are Portease Partners LLP, Sadashiva Overseas Limited, PP Softtech Private Limited, and Prakrutees Infra Impex Private Limited. They have been accused of knowingly engaging in significant transactions for the purchase, acquisition, sale, transport, or marketing of petroleum products from Iran.

The US State Department has stated that these companies were involved in importing Iranian-origin petroleum products worth millions of dollars. Portease Partners and its partners, Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi, facilitated the import of multiple shipments of petrochemical products from Iran.

The sanctions come as part of a broader effort to pressure countries to cut economic ties with Tehran or face retaliation. The US has warned that entities continuing to do business with Iran will be at risk of secondary sanctions.