US sanctions 4 Indian firms under ‘Economic Outcast’ over Iran oil and petrochemical trade links

The United States has imposed sanctions on four Indian companies involved in Iran’s oil trade

The United States has sanctioned four India-based companies over their alleged involvement in Iran’s petroleum and petrochemical trade, as Washington expands its newly launched “Operation Economic Outcast” aimed at cutting Tehran’s financial and oil revenue networks.The US State Department named Portease Partners LLP, Sadashiva Overseas Ltd, PP Softtech Pvt Ltd and Prakrutees Infra Impex India Pvt Ltd among the entities targeted in the latest sanctions action.The measures are part of a broader US crackdown on Iran-linked petroleum traders, procurement networks, intermediaries, shadow-fleet operators and maritime service providers. Washington said the sanctions are intended to restrict the revenue Iran generates through petroleum and petrochemical exports.The State Department accused Portease Partners, an India-based customs broker, of facilitating multiple shipments of Iranian petrochemical products into India.Two Indian nationals identified as designated partners of the company, Indrismiya Asharafmiya Shekh and Harish Ramchandra Rangi, were also blocked.The State Department said, “PORTEASE PARTNERS LLP (PORTEASE) is an India-based customs broker that facilitated the import of multiple shipments of Iranian petrochemical products to India.”Portease was designated under Executive Order 13846 for allegedly engaging in significant transactions involving the purchase, acquisition, sale, transport or marketing of Iranian petrochemical products.Sadashiva Overseas was accused of importing approximately $69 million worth of Iranian-origin petroleum products between February 2024 and June 2025.The State Department said, “SADASHIVA OVERSEAS is being designated pursuant to section 3(a)(ii) of E.O. 13846 for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran.”PP Softtech was similarly accused of importing approximately $25 million worth of Iranian-origin petroleum products between January 2024 and June 2025. Its director, Prashant Garg, was also designated.The State Department said, “PP SOFTTECH PRIVATE LIMITED (PP SOFTTECH) is an India-based company that imported approximately $25 million worth of Iranian-origin petroleum products between January 2024 and June 2025. PRASHANT GARG is an Indian national and a director of PP SOFTTECH.”Prakrutees Infra Impex was accused of importing Iranian-origin petroleum products worth approximately $25 million between May 2023 and February 2026.The State Department said, “PRAKRUTEES INFRA is an India-based company that imported Iranian-origin petroleum products valued at $25 million from multiple companies, including U.S.-designated BONJOURE COMMODITY F.Z.E., between May 2023 and February 2026.”There was no immediate comment from the four companies on the US sanctions announcement.US expands pressure on Iran’s oil tradeThe measures against the Indian companies form part of a wider sanctions package targeting Iran’s petroleum and petrochemical trade.Washington said Iranian oil and petrochemical exports are facilitated through shell companies, third-country intermediaries and shadow-fleet operators. It also targeted customs brokers and port agents involved in helping Iranian-origin commodities enter markets in third countries.The State Department said, “Today’s action targets all the nodes of this illicit trade, and promotes accountability for the buyers, sellers, intermediaries, and service providers that help facilitate Iran’s destabilizing activities.”The US also sanctioned entities in Türkiye, Hong Kong and Iran as part of the same campaign, including companies accused of importing, exporting or trading Iranian-origin petroleum and petrochemical products.A Hong Kong-based company, Clever Shipping Limited, was also designated over its alleged role in managing a Barbados-flagged crude oil tanker that Washington said had loaded Iranian-origin petroleum on at least six occasions between 2025 and 2026.‘Operation Economic Outcast’The sanctions come as US Treasury Secretary Scott Bessent announced “Operation Economic Outcast”, describing it as a broader campaign to sever Iran’s financial connections around the world and restrict revenue supporting the Iranian government.The State Department said the latest measures were also intended “to further expose individuals and entities that enabled strikes against U.S. forces and allies and to restrict the revenue that the Iranian regime uses to attack its neighbors, support terrorism abroad, brutally oppress its own people, and hold the global economy hostage.”Alongside the oil and petrochemical sanctions, Washington targeted Iran-based entities and senior military figures accused of supporting military procurement and operations.The US also said its Rewards for Justice programme was offering rewards of up to $10 million for information on senior Islamic Revolutionary Guard Corps leaders, including Ahmad Vahidi and Ali Abdollahi.Sanctions carry US financial restrictionsUnder the latest measures, property and interests in property belonging to designated individuals and entities that are located in the United States or controlled by US persons are blocked and must be reported to the Treasury Department’s Office of Foreign Assets Control.US persons are generally prohibited from conducting transactions involving property or interests in property belonging to designated or blocked entities unless authorised by OFAC or covered by an exemption.The sanctions also extend to entities that are directly or indirectly owned 50% or more by one or more blocked persons.Washington has framed the measures as part of its broader effort to restrict Iran’s petroleum revenues and disrupt the financial networks that support Tehran’s military and procurement activities.