US has sanctioned these Indian companies for buying Iranian petroleum
What's the story
The Donald Trump administration has imposed sanctions on six Indian firms for trading in Iran's petroleum and petrochemical products. The move is part of a broader action that includes a total of 13 companies from India, China, Indonesia, Turkiye, and the UAE. The US government said these entities have engaged in the trans-shipment, sale, and purchase of Iranian-origin petrochemicals.
Sanction rationale
US targets Iran's petrochemical industry, exports
The US has targeted Iran's petrochemical industry and exports, calling them "a critical sector of the Iranian economy." The country believes these sectors have expanded in recent years, generating billions of dollars in illicit funds for Iran's destabilizing activities. The six Indian firms sanctioned are Kanchan Polymers, Alchemical Solutions, Ramniklal S Gosalia and Company, Jupiter Dye Chemical, Global Industrial Chemicals, and Persistent Petrochem.
Company 1
Kanchan Polymers
Kanchan Polymers has imported and purchased more than $1.3 million worth of Iranian-origin petrochemical products, including polyethylene, from a sanctioned Iranian company called Tanais Trading. The US government said "Kanchan Polymers is being designated for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport or marketing of petrochemical products from Iran."
Company 2, 3
Alchemical Solutions and Ramniklal S Gosalia
Alchemical Solutions, a petrochemical trading firm, imported and purchased Iranian-origin petrochemical products worth over $84 million from various companies between January-December 2024. Meanwhile, Ramniklal S Gosalia and Company, imported petrochemical goods worth over $22 million from various Iranian companies between January 2024 and January 2025.
Company 4, 5, 6
Jupiter Dye, Global Industrial Chemicals, and Persistent Petrochem
Jupiter Dye Chemical imported Iranian-origin petrochemical products worth over $49 million from various firm between January 2024 and January 2025. Global Industrial Chemicals bought petrochemical goods worth more than $51 million from many companies between July 2024 and January 2025. Finally, Persistent Petrochem brought home almost $14 million worth of shipments containing Iranian-origin petrochemicals like methanol, from various companies including Bab Al Barsha.