Four India-based companies hit by U.S. sanctions over Iran trade

The US sanctioned four Indian companies that have alleged dealings in Iranian petroleum and petrochemical products, escalating Washington’s sanctions push on Iran, The Hindu reported.

Portease Partners LLP, an India-based customs broker, along with Sadashiva Overseas Ltd, PP Softtech Pvt. Ltd and Prakrutees Infra Impex India Pvt Ltd were named in the new sanctions as part of the operation “Economic Outcast” to deny revenue to Iran, according to the State Department.

The agency said Portease Partners facilitated shipments of Iranian petrochemical products to India and that Sadashiva Overseas imported approximately $69 million in Iranian-origin petrochemical products, while PP Softtech and Prakrutees Infra Impex purchased around $25 million each.

Some individuals associated with the companies have also been designated under the sanctions. US Treasury Secretary Scott Bessent said the coordinated sanctions were aiming to block Iran’s revenue streams. “Any entity found facilitating money laundering on behalf of Iran will be removed from the US dollar system,” he said. The sanctions freeze any property and interests in the U.S.

The sanctions block designated entities’ property and interests under U.S. jurisdiction and generally bar Americans from dealing with them.