US sanctions six Indian firms over Iran oil trade - Details here

By CNBCTV18.com July 31, 2025, 8:40:15 AM IST (Published)

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The US has sanctioned six Indian companies for allegedly engaging in "significant transactions" involving Iranian petroleum and petrochemicals.

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These companies are part of a larger global sanctions action targeting 20 entities across various countries.

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The US Department of State announced the sanctions on July 30, 2025.

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Sanctioned Indian companies include Alchemical Solutions, Global Industrial Chemicals, Jupiter Dye Chem, Ramniklal S Gosalia & Co., Persistent Petrochem, and Kanchan Polymers.

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Alchemical Solutions tops the list with alleged imports of Iranian petrochemicals worth over $84 million in 2024.

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Global Industrial Chemicals is accused of buying over $51 million in Iranian methanol and other products between July 2024 and January 2025. Jupiter Dye Chem allegedly imported over $49 million, including toluene, during the same period. Ramniklal S Gosalia & Co. is said to have purchased over $22 million in Iranian petrochemicals, including methanol and toluene.

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Persistent Petrochem reportedly imported around $14 million worth of methanol between October and December 2024. Kanchan Polymers is accused of sourcing over $1.3 million in Iranian polyethylene.

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All US-based assets of these companies are now frozen, and American companies and individuals are barred from doing business with them. Entities 50% or more owned by these companies are also subject to US sanctions.

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India had historically imported oil from Iran but significantly scaled back after 2019 due to earlier US sanctions.

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Sanctioned firms may file petitions with the US Treasury's Office of Foreign Assets Control (OFAC) for removal from the sanctions list. The US maintains that the goal of such sanctions is to influence behaviour, not punish.