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The United States has imposed sanctions on four Indian companies and three Indian nationals for allegedly being involved in Iran’s petroleum and petrochemical trade. The sanctions were imposed under the newly launched US “Operation Economic Outcast,” which aims to cut off sources of funding for Iran’s Islamic government.
The US State Department said the India-based entities targeted by the sanctions are Portiz Partners LLP, Sadashiva Overseas Limited, PP Softech Private Limited and Prakritis Infra Impex India Private Limited.
The three Indian nationals named in the sanctions are Harish Ramchandra Rangi and Indrismia Ashrafmia Sheikh, both partners at Portiz Partners, and Prashant Garg of PP Softech.
According to the US State Department, customs brokerage firm Portiz Partners assisted in shipments of petrochemical products imported from Iran into India.
Sadashiva Overseas has also been accused of importing Iranian petroleum products worth nearly $69 million from various entities. The United States alleged that PP Softech and Prakritis Infra Impex each imported Iranian petroleum products worth around $25 million.
The State Department said the individuals and companies were sanctioned for knowingly engaging in significant transactions involving the purchase, acquisition, sale, transportation or marketing of petrochemical products from Iran.
At the same time, the US Treasury Department imposed sanctions on 60 individuals, entities and vessels. The measures are aimed at reducing Iran’s revenue from oil and petrochemical trade and putting further pressure on its economy.
Signs of Some Flexibility in US Position: Earlier this week, the United States warned that countries continuing to do business with Iran could face action. However, Washington also indicated that it would not impose punitive measures immediately.
Meanwhile, amid ongoing tensions with Iran, the United States has begun returning personnel to several diplomatic missions in the Middle East. Staff had previously been evacuated or reduced at those missions due to heightened tensions.
