US Sanctions Four Indian Companies Over Alleged Iranian Oil and Petrochemical Trade

The United States government has announced sanctions against four India-based companies and three associated individuals over their alleged roles in facilitating trade in Iranian petroleum and petrochemical products. The enforcement action is part of Washington’s broader campaign named “Operation Economic Outcast,” aimed at dismantling Tehran’s international revenue streams and financial networks.

What Happened

According to announcements by the US State Department and US Treasury Secretary Scott Bessent, the targeted Indian commercial entities were designated under Executive Order 13846. Washington identified the firms as participants in transactions involving the purchase, transport, marketing, or customs clearance of Iranian-origin commodities.

The State Department detailed specific allegations against each of the four Indian entities:

• Portease Partners LLP: An India-based customs broker accused of facilitating multiple shipments of Iranian petrochemical products into India. Two designated partners of the firm, Indrismiya Asharafmiya Shekh and Harish Ramchandra Rangi, were also sanctioned.
• Sadashiva Overseas Ltd: Accused of knowingly engaging in transactions to import approximately $69 million worth of Iranian-origin petroleum products between February 2024 and June 2025.
• PP Softtech Pvt Ltd: Accused of importing an estimated $25 million worth of Iranian petroleum products between January 2024 and June 2025. Its director, Prashant Garg, was also designated.
• Prakrutees Infra Impex India Pvt Ltd: Alleged to have imported approximately $25 million in Iranian-origin petroleum products between May 2023 and February 2026 from multiple entities, including US-designated Bonjoure Commodity F.Z.E.

None of the four Indian companies offered an immediate comment following the announcement of the sanctions.

Key Highlights

• Four India-based entities and three Indian nationals were designated under US Executive Order 13846.
• The measures form part of “Operation Economic Outcast,” a US initiative to cut off Iranian oil and petrochemical revenues.
• The coordinated enforcement also sanctioned entities across Hong Kong, Türkiye, and Iran, including Hong Kong-based Clever Shipping Limited for managing a tanker handling Iranian petroleum.
• The US State Department announced Rewards for Justice bounties of up to $10 million for information on senior Islamic Revolutionary Guard Corps leaders Ahmad Vahidi and Ali Abdollahi.
• All US-based assets of the designated persons and entities are blocked and must be reported to the US Office of Foreign Assets Control (OFAC).

Why This Matters

The US government stated that Iranian oil and petrochemical exports rely heavily on intermediary networks, shadow fleets, shell companies, and third-party logistics providers such as customs brokers and port agents. By targeting these service providers, Washington seeks to hold buyers, sellers, and facilitators accountable while choking off state revenues that it asserts fund destabilising regional actions and military procurement.

From a legal and commercial standpoint, being placed on the OFAC sanctions list results in severe financial constraints. All property and interests in property belonging to the designated entities that are located in the United States or under the control of US persons are blocked. In addition, US persons are broadly prohibited from engaging in any transactions with them, and the rules automatically apply to any entity owned 50 percent or more by one or more blocked parties.

What to Watch Next

Affected entities face statutory reporting and asset-blocking requirements handled by the US Treasury Department’s Office of Foreign Assets Control. Observers will also be watching for any formal responses or statements from the four named Indian companies or their designated leadership.

Frequently Asked Questions

Which Indian companies were sanctioned by the US?

The four companies designated by the US State Department are Portease Partners LLP, Sadashiva Overseas Ltd, PP Softtech Pvt Ltd, and Prakrutees Infra Impex India Pvt Ltd.

Which individuals were specifically named in the action?

The US government sanctioned Indrismiya Asharafmiya Shekh and Harish Ramchandra Rangi of Portease Partners LLP, as well as Prashant Garg, a director of PP Softtech Pvt Ltd.

What is Operation Economic Outcast?

Operation Economic Outcast is a US campaign announced by US Treasury Secretary Scott Bessent designed to restrict Iranian government revenues and dismantle Tehran’s global financial and petroleum trade networks.

Source: Based on official statements and reporting from The Times of India.