Washington, D.C., USA – The United States has sanctioned four India-based companies for importing petroleum and petrochemical products from Iran, according to a press release by the U.S. State Department. The action is part of ‘Operation Economic Outcast,’ a new campaign announced by U.S. Treasury Secretary Scott Bessent aimed at blocking all potential sources of revenue for Iran. The U.S. has also told countries to cut economic ties with Tehran or face retaliation, broadening the risk of secondary sanctions for entities continuing to do business with Iran.
Among the four India-based companies facing action is customs broker Portease Partners LLP, along with its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi, for facilitating the import of multiple shipments of Iranian petrochemical products. Other companies facing sanctions are Sadashiva Overseas Limited; PP Softtech Private Limited, along with its director Prashant Garg; and Prakrutees Infra Impex Private Limited. Sheikh, Rangi, and Garg are Indian nationals. According to the State Department, Sadashiva Overseas imported Iranian-origin petroleum products worth around $69 million, while PP Softtech and Prakrutees Infra imported products worth $25 million each.
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These companies were placed on a list for “knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran.” State Department spokesperson Tommy Pigott stated that the U.S. is taking sweeping action against multiple entities enabling the Iranian regime’s destabilizing activities, including attacks against U.S. forces, illicit weapons procurement, and cyber intrusions. The sanctions highlight the growing pressure on countries and companies to comply with U.S. sanctions on Iran, with significant implications for international trade and energy markets.
