US sanctions 6 Indian firms for dealing with Iranian petroleum, which are they and what it means
The US Department of State on Wednesday announced sanctions on 20 companies, including six from India, for dealing with Iranian Petroleum, which, according to an official statement, is used by Iran to fuel the conflict in the Middle East to fund its destabilising activities.“The Department of State is imposing sanctions on 20 entities engaged in Iranian petroleum, petroleum products, or petrochemical trade,” said the official statement.What does it mean for these companies?All these entities are being designated pursuant to section 3(a)(iii) of Executive Order 13846 of August 6, 2018, by US President Donald Trump, for “knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran”.The sanctions for these sections include punitive measures such as denial of export-import bank services, visa ban and exclusion from the US, procurement bans (US government won’t buy from them), and blocking access to US financial services.Indian companies sanctioned by US1. Kanchan PolymersThe official release states that Kanchan Polymers “has imported and purchased over $1.3 million worth of Iranian-origin petrochemical products, including polyethylene”.2. Alchemical Solutions Private Limited (Alchemical Solutions)This firm “has imported and purchased Iranian-origin petrochemical products valued at over $84 million from multiple companies between January and December 2024”, as per the Department of State.3. Ramniklal S Gosalia And Company (Ramniklal)As per the department, Ramniklal “imported and purchased Iranian-origin petrochemical products valued at over $22 million, including methanol and toluene, from multiple companies between January 2024 and January 2025”. 4. Jupiter Dye Chem Private Limited (Jupiter Dye Chem)Similarly, Jupiter Dye Chem “imported and purchased Iranian-origin petrochemical products, including toluene, worth $49 million between January 2024 and January 2025”, claimed the release.5. Global Industrial Chemicals Limited (Global Industrial)Imposing sanctions on Global Industrial, the department stated, “An India-based company that has imported and purchased Iranian-origin petrochemical products, including methanol, valued at over$51 million from multiple companies, between July 2024 and January 2025.” 6. Persistent Petrochem Private LimitedPersistent was sanctioned for “importing approximately $14 million worth of shipments containing Iranian-origin petrochemicals, such as methanol with shipping dates between October 2024 and December 2024”.
The US Department of State on Wednesday announced sanctions on 20 companies, including six from India, for dealing with Iranian Petroleum, which, according to an official statement, is used by Iran to fuel the conflict in the Middle East to fund its destabilising activities.
“The Department of State is imposing sanctions on 20 entities engaged in Iranian petroleum, petroleum products, or petrochemical trade,” said the official statement.
What does it mean for these companies?
All these entities are being designated pursuant to section 3(a)(iii) of Executive Order 13846 of August 6, 2018, by US President Donald Trump, for “knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran”.
The sanctions for these sections include punitive measures such as denial of export-import bank services, visa ban and exclusion from the US, procurement bans (US government won’t buy from them), and blocking access to US financial services.
Indian companies sanctioned by US
1. Kanchan Polymers
The official release states that Kanchan Polymers “has imported and purchased over $1.3 million worth of Iranian-origin petrochemical products, including polyethylene”.
2. Alchemical Solutions Private Limited (Alchemical Solutions)
This firm “has imported and purchased Iranian-origin petrochemical products valued at over $84 million from multiple companies between January and December 2024”, as per the Department of State.
3. Ramniklal S Gosalia And Company (Ramniklal)
As per the department, Ramniklal “imported and purchased Iranian-origin petrochemical products valued at over $22 million, including methanol and toluene, from multiple companies between January 2024 and January 2025”.
4. Jupiter Dye Chem Private Limited (Jupiter Dye Chem)
Similarly, Jupiter Dye Chem “imported and purchased Iranian-origin petrochemical products, including toluene, worth $49 million between January 2024 and January 2025”, claimed the release.
5. Global Industrial Chemicals Limited (Global Industrial)
Imposing sanctions on Global Industrial, the department stated, “An India-based company that has imported and purchased Iranian-origin petrochemical products, including methanol, valued at over$51 million from multiple companies, between July 2024 and January 2025.”
6. Persistent Petrochem Private Limited
Persistent was sanctioned for “importing approximately $14 million worth of shipments containing Iranian-origin petrochemicals, such as methanol with shipping dates between October 2024 and December 2024”.
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