US sanctions 6 Indian firms

The United States has sanctioned six Indian companies for allegedly trading in Iranian petroleum and petrochemical products, reports Business Standard.

The move, announced by the US Department of State on Wednesday, is part of a broader enforcement action against 20 entities worldwide. It underscores Washington’s continued crackdown on violations of its sanctions regime against Iran.

According to the US, the Indian firms conducted transactions worth millions of dollars in Iranian-origin methanol, polyethylene, toluene, and other petrochemical derivatives.

Among those named, Alchemical Solutions Pvt Ltd is accused of importing over $84 million in Iranian petrochemicals between January and December 2024.
 
The firms now face a freeze on all US-based assets and a ban on any dealings with US citizens or companies. The sanctions also extend to any subsidiaries in which these firms hold 50 per cent or more ownership.

A US State Department statement clarified that all such transactions “by US persons or within [or transiting] the United States” involving blocked entities are prohibited unless explicitly authorised.