US sanctions four Indian based firms, three nationals over Iran oil trade
text_fields
Photo: IANS
Washington has imposed sanctions on four India-based companies and three Indian nationals over their alleged involvement in Iran’s petroleum and petrochemical trade.
The action is part of the United States’ newly launched “Operation Economic Outcast”, which seeks to restrict revenue streams that Washington says help finance Iran’s government, NDTV reported.
The US State Department identified the sanctioned companies as Portease Partners LLP, Sadashiva Overseas Ltd, PP Softtech Pvt Ltd and Prakrutees Infra Impex India Pvt Ltd.
The individuals named in the sanctions are Harish Ramchandra Rangi and Indrismiya Ashrafmiya Shekh, both designated partners of Portease Partners, and Prashant Garg of PP Softtech.
According to the State Department, Portease Partners, a customs broker, allegedly helped facilitate the import of Iranian petrochemical shipments into India.
Sadashiva Overseas was accused of importing Iranian petroleum products worth approximately $69 million from multiple companies, while PP Softtech and Prakrutees Infra were each alleged to have imported products valued at around $25 million.
The department said the companies and individuals were targeted for knowingly participating in significant transactions involving the purchase, acquisition, sale, transportation or marketing of Iranian petrochemical products.
The sanctions formed part of a wider US Treasury action against 60 individuals, entities and vessels announced on Monday.
The latest measures come as Washington seeks to put further pressure on Iran’s economy. Earlier this week, the US warned countries that continued business dealings with Iran could attract penalties, although it indicated that such measures would not be enforced immediately.
At the same time, the US has begun returning personnel to some diplomatic missions in the Middle East that had been evacuated or reduced in size amid tensions with Iran, Reuters reported.
The move indicates that Washington currently sees a reduced likelihood of an immediate escalation in the conflict, although some US embassies are expected to initially function with limited staffing.