1 week ago
US Sanctions Four India-Based Firms Over Alleged Iran Trade
The United States has placed sanctions on four companies based in India.
US officials say the companies helped import or arrange shipments of Iranian oil and petrochemical products.
One company, Portease Partners, was described as a customs broker.
Three Indian people connected to the companies were also sanctioned.
The US cited about $119 million in petroleum transactions involving three of the companies.
Washington says the campaign is meant to reduce money available to Iran’s government, military and procurement networks.
The sanctions can freeze property under US jurisdiction and generally stop Americans from doing business with the designated parties.
India said it was waiting for more information before deciding how to respond.
Iran said it was prepared for the measures, while China criticized unilateral sanctions.
The United States sanctioned four India-based companies and three Indian nationals over alleged Iranian petroleum and petrochemical trade.
The targeted companies are Portease Partners, Sadashiva Overseas, PP Softtech and Prakrutees Infra Impex.
The US said Sadashiva handled about $69 million in Iranian-origin petroleum imports, while two others handled about $25 million each.
The designations are part of Operation Economic Outcast, a broader campaign targeting Iran’s revenue and procurement networks.
India is seeking clarity, while Iran rejected the campaign and China opposed unilateral US sanctions.
- Who
- The United States sanctioned four India-based companies and Indian nationals Indrismiya Ashrafmiya Shekh, Harish Ramchandra Rangi and Prashant Garg.
- What
- The companies and individuals were designated over alleged involvement in importing or facilitating Iranian petroleum and petrochemical products.
- Where
- The targeted companies are based in India, and the alleged products were imported into India from Iran.
- When
- The sanctions were announced on August 24, 2026, according to most reports; one report referred to August 26.
- Why
- The US said the parties knowingly engaged in significant transactions involving Iranian petroleum or petrochemical products and helped sustain Iran’s revenue networks.
United States’ Position
Responses and Concerns
Purpose of the sanctions
United States’ Position
Washington says the companies knowingly purchased, transported, marketed or facilitated Iranian petroleum and petrochemical transactions that support Iran’s revenue, military and procurement networks.
Responses and Concerns
Iranian Economy Minister Ali Madanizadeh said Tehran was fully prepared and predicted the measures would produce another defeat for the United States.
Risk to businesses and countries
United States’ Position
US officials warned that businesses, financial institutions and countries maintaining economic ties with Iran could face isolation or secondary sanctions.
Responses and Concerns
India said it was awaiting formal notification and clarity, while China said its cooperation with Iran complies with international law and should not be interfered with.
Impact on India-Iran engagement
United States’ Position
The US presents action against importers, customs brokers and intermediaries as necessary to disrupt Iran’s international revenue channels.
Responses and Concerns
The measures could complicate India’s trade, payments and strategic engagement with Iran, including activities connected with Chabahar Port.
Key facts
- Companies targeted
- Portease Partners LLP, Sadashiva Overseas Limited, PP Softtech Private Limited and Prakrutees Infra Impex India Private Limited.
- Individuals designated
- Indrismiya Ashrafmiya Shekh, Harish Ramchandra Rangi and Prashant Garg.
- Transactions cited
- Approximately $69 million for Sadashiva Overseas and approximately $25 million each for PP Softtech and Prakrutees Infra Impex.
- Combined value
- The three companies’ cited transactions total approximately $119 million.
- Reported transaction periods
- February 2024–June 2025 for Sadashiva, January 2024–June 2025 for PP Softtech, and May 2023–February 2026 for Prakrutees Infra Impex.
- Sanctions effects
- Designated property and interests under US jurisdiction are frozen, and Americans are generally barred from dealing with designated parties.
- Wider action
- Nearly 60 individuals, entities and vessels were concurrently sanctioned by the US Treasury Department.
Quotes
Scott Bessant
US Treasury Secretary who described the purpose of the sanctions against Iran’s economic network
“This is a sustained campaign to collapse every last option for Iran. Let there be no ambiguity as to the position of the US: An economic engagement of any kind with this murderous regime will expose those responsible to the full reach of American power.”
thehindubusinessline.com
“Such activities include attacks against US forces and allies in the region, illicit weapons procurement, cyber intrusions into American infrastructure, and the movement of energy products whose sale funds terrorism globally.”
deccanchronicle.com
telegraphindia.com
thestatesman.com
US State Department
The US government department that announced and described the sanctions.
“PP SOFTTECH PRIVATE LIMITED (PP SOFTTECH) is an India-based company that imported approximately $25 million worth of Iranian-origin petroleum products between January 2024 and June 2025. PRASHANT GARG is an Indian national and a director of PP SOFTTECH.”
m.rediff.com
“SADASHIVA OVERSEAS is being designated pursuant to section 3(a)(ii) of E.O. 13846 for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran.”
m.rediff.com
A source tracking the matter
An unnamed source monitoring the sanctions and India’s potential response
“It is not yet clear what kind of sanctions these are. The notification is awaited. The government would keep an eye on how the development plays out before deciding on its response.”
thehindubusinessline.com
Sources
US sanctions four India-based firms for importing petrochemicals from Iran
US sanctions 4 India-based firms over Iran trade
4 Indian Entities Face US Sanctions
4 India-based cos hit by US sanctions over Iran trade
US sanctions four India-based firms over Iran oil trade in new economic crackdown - Telegraph India
US sanctions Indian firms over $119 million in alleged Iran petroleum deals
US Sanctions 4 India-Based Firms Over Iran Oil Trade Under ‘Operation Economic Outcast’
US Iran sanctions put India under growing pressure as Indian firms face fresh action
US cracks down on 4 Indian companies in sweeping ‘Operation Economic Outcast’ over Iran oil imports
US Sanctions 4 India-Based Firms, 3 Indians To Punish Iran
Operation Economic Outcast: A look at four ‘India-based companies’ bearing the brunt of US’ Iran sanctions
US targets four Indian firms in ‘Operation Economic Outcast’ against Iran
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