Daijiworld Media Network- Washington
Washington, Jul 31: In a move that could impact India’s petrochemical sector, the United States has imposed sanctions on six Indian companies for allegedly engaging in trade involving Iranian petroleum and petrochemical products, citing violations under Executive Order 13846.
The US Department of State stated that these companies were part of a group of 20 global entities that facilitated Iran’s oil-related revenue, which Washington alleges is used by Tehran to fund terrorism, fuel regional conflict, and suppress internal dissent.
The sanctioned Indian firms include:
• Alchemical Solutions Pvt Ltd, accused of importing over $84 million worth of Iranian-origin petrochemical products during 2024.
• Global Industrial Chemicals Ltd, charged with buying methanol and other materials worth over $51 million between July 2024 and January 2025.
• Jupiter Dye Chem Pvt Ltd, alleged to have imported over $49 million worth of petrochemicals, including toluene.
• Ramniklal S Gosalia and Company, said to have purchased over $22 million worth of Iranian methanol and toluene.
• Persistent Petrochem Pvt Ltd, which reportedly brought in about $14 million in Iranian-origin methanol from multiple companies, including UAE-based Bab Al Barsha.
• Kanchan Polymers, charged with importing over $1.3 million worth of polyethylene from Tanais Trading.
The US sanctions block any property or financial interests these companies may hold within American jurisdiction or under the control of US persons. Furthermore, any entity owned 50% or more by these firms is also automatically blocked.
A State Department spokesperson emphasized that the intent of these sanctions is not punitive, but to "encourage behavioral change" and disrupt the financial channels that allegedly enable Iran’s destabilizing regional agenda.
The move could strain India-US commercial ties, especially in sectors dependent on global petrochemical trade. Indian officials have yet to release a formal response.