New Delhi, July 31 (H.S.) : The United States has sanctioned six Indian companies for engaging in petroleum and petrochemical trade with Iran, as part of broader sanctions targeting 20 international firms. The U.S. State Department indicated that these companies knowingly violated U.S. sanctions by acquiring Iranian petroleum products. The sanctioned Indian firms are Global Industrial Chemicals Limited, Ramanik Lal S. Gosalia & Company, Persistent Petrochem Private Limited, Alchemical Solutions Private Limited, Jupiter Dychem Private Limited, and Kanchan Polymers. The U.S. has existing trade sanctions against Iran, particularly in the petroleum sector.

The U.S. claims these companies were aware that their purchases constituted a sanctions violation. As a result of these sanctions, their U.S. assets will be frozen, and any partnerships in which they hold over a 50% stake will also face sanctions if operating within U.S. jurisdictions.

Specific allegations against the companies include purchases such as Global Industrial Chemicals Limited’s over $51 million in methanol and petrochemical products, Alchemical Solutions Private Limited’s $84 million in similar products, and substantial amounts from other firms, illustrating their significant trade with Iran.

The U.S. asserts that Iran utilizes funds from such trade to support destabilizing activities globally, contributing to conflicts in the Middle East. The sanctions are positioned not as punitive measures, but rather as a motivation for companies to alter their business practices positively. Moreover, the U.S. has also targeted 50 individuals and companies linked to Iranian political advisor Mohammad Hussain Shamkhani, including Pankaj Nagji Bhai Patel, an Indian national in the UAE, for his association with Shamkhani’s shipping company.

Hindusthan Samachar / Jun Sarkar