The companies allegedly traded Iranian oil and oil products, as the US tries to strangle Iran’s economy
The US sanctioned four Indian companies on Monday for allegedly trading in Iranian petroleum and petrochemical products.
The additions came as the Treasury Department launched “an unprecedented, whole-of-government, economic campaign against the Islamic Republic of Iran and its enablers” called Operation Economic Outcast.
The sanctioned companies include Sadashiva Overseas, PP Softtech, and Prakrutees Infra Impex, which are accused of importing shipments of Iranian oil and oil products; and Portease Partners, a customs broker accused of facilitating the shipments.
Two partners of Portease – Indrismiya Asharafmiya Shekh and Harish Ramchandra Rangi – were also added to the list.
Bilateral trade between India and Iran is currently at around $1.6 billion, with $1.25 billion coming from Indian exports of goods exempted on humanitarian grounds, such as agricultural staples and medicine.
Iran’s exports to India, valued at around $400 million, was dominated by crude oil and liquefied petroleum gas.
The Treasury said the designations will intensify pressure on networks that sustain the regime’s malign activities and fund its attacks across the Middle East.
Iran has largely blocked commercial shipping via the Strait of Hormuz, through which a fifth of the world’s energy previously passed, following the US-Israeli attack against Iran earlier this year.
