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1. U.S. Imposes Sanctions on Indian Companies for Iranian Oil Trade

2. Sanctions Target Indian Firms in Iranian Petroleum Transactions

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US Imposes Sanctions on Indian Companies for Iranian Oil Trade

By Reena Bhardwaj

Washington, DC [US] — July 31 (ANI): In a significant move, the United States has imposed sanctions on at least six Indian companies accused of engaging in trade involving Iranian petroleum and petrochemicals. This action is part of a broader initiative targeting 20 entities worldwide, as the US intensifies its "maximum pressure" campaign against Iran.

The US Department of State announced the sanctions on Wednesday, alleging that these Indian firms knowingly participated in "significant transactions" related to the purchase and marketing of Iranian petroleum products, thereby violating American sanctions on Iran.

Among the sanctioned companies, Alchemical Solutions Private Limited stands out, facing allegations of importing Iranian petrochemical products valued at over USD 84 million between January and December 2024. Other notable firms include Global Industrial Chemicals Limited, accused of purchasing over USD 51 million in Iranian methanol, and Jupiter Dye Chem Private Limited, which reportedly imported toluene worth over USD 49 million during the same timeframe.

The sanctions extend to Ramniklal S Gosalia and Company, Persistent Petrochem Private Limited, and Kanchan Polymers, each facing allegations of significant transactions involving Iranian petrochemicals.

As a result of these sanctions, all assets of the affected companies within the United States or controlled by US persons are now frozen. American individuals and companies are prohibited from conducting business with these entities, and any company that is 50% or more owned by the sanctioned firms is also affected.

This latest round of sanctions aligns with the US government’s ongoing efforts to disrupt what it describes as Iran’s "shadow fleet" of vessels and intermediary companies that facilitate the global transport of Iranian oil and petrochemicals. US officials assert that Iran utilizes revenue from these exports to fund destabilizing activities in the Middle East and support terrorist organizations.

Historically, India has maintained trade relations with Iran, although it has significantly reduced its oil imports from the country since 2019 in response to previous US sanctions.

The sanctioned companies have the option to petition for removal from the US Treasury’s Specially Designated Nationals list. The US government emphasizes that the ultimate goal of these sanctions is not punitive but aims to encourage a positive change in behavior.

In addition to the Indian firms, the sanctions also target companies in Turkey, the UAE, China, and Indonesia, highlighting a global network that facilitates Iranian oil and petrochemical trade.

As the geopolitical landscape continues to evolve, the implications of these sanctions on India-Iran relations and the broader international community remain to be seen.