The United States has sanctioned four India-based companies for importing petroleum and petrochemical products from Iran, according to a US State Department press release.
US Treasury Secretary Scott Bessent on Monday announced โOperation Economic Outcastโ, a new sanctions campaign aimed at blocking potential sources of revenue for Iran. The US has also urged countries to cut economic ties with Tehran, warning that those continuing to do business with Iran could face retaliation.
Bessent described the move as an unprecedented campaign to sever Iranโs financial lifelines. The latest measures expand the risk of secondary sanctions on countries, businesses and organisations that continue to engage in commercial activities with Tehran.
Among the entities facing action is Portease Partners LLP, a customs broker, along with its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi. According to the State Department, they facilitated the import of multiple shipments of Iranian petrochemical products.
The other India-based entities targeted by the US are Sadashiva Overseas Limited, PP Softtech Private Limited and Prakrutees Infra Impex Private Limited. PP Softtech director Prashant Garg has also been sanctioned. Sheikh, Rangi and Garg are Indian nationals, according to the release.
Sadashiva Overseas imported Iranian-origin petroleum products worth around USD 69 million from multiple companies, while PP Softtech and Prakrutees Infra imported petroleum products worth approximately USD 25 million each, the release said.
The companies were designated for โknowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran,โ the State Department said.
State Department spokesperson Tommy Pigott on Monday said in a statement: โToday, the United States took sweeping action against multiple entities, individuals, and vessels enabling the Iranian regimeโs destabilising activities.
“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,โ he added.
Iran’s stance on US sanctions to its trading allies
Iran has warned of retaliation against any further expansion of US economic sanctions, while maintaining that its key trading partners will resist Washingtonโs efforts to isolate Tehran. Iranian Parliament Speaker Mohammad Bagher Ghalibaf dismissed the latest US pressure campaign, saying Washington lacks the economic leverage to further restrict Iranโs ties with other countries.
Also Read:
Canada imposes retaliatory tariffs on more than 700 US goods as trade war escalates