US Sanctions Six Indian Firms For Iran Trade As Trump Slaps 25 Per Cent Tariff Plus Penalty On New Delhi, Talks Oil Deal With Pakistan

The United States has targeted six Indian companies for sanctions, alleging they participated in Iranian petrochemical trade in violation of Executive Order 13846, NDTV reported.

Washington claims such trade funds terrorism and regional conflict.

This comes as Trump has announced a 25 per cent tariff on India and penalty for buying Russian crude oil.

Further, Trump said Washington had “just concluded a deal” with Pakistan to jointly develop its “massive oil reserves.”

“We are in the process of choosing the oil company that will lead this partnership. Who knows, maybe they'll be selling oil to India some day!” he added, in what many saw as a pointed jab at New Delhi as India refuses to accept US demand for market access to its dairy and agriculture sector to safeguard its farmers.

On Wednesday (30 July), the US State Department sanctioned 20 entities globally—six of them Indian—for allegedly engaging in trade with Iran.

In a statement, the US Department of State spokesperson said, "The Iranian regime continues to fuel conflict in the Middle East to fund its destabilising activities. Today, the United States is taking action to stem the flow of revenue that the regime uses to support terrorism abroad, as well as to oppress its own people."

The Indian Firms Sanctioned By US

Alchemical Solutions Pvt Ltd is accused of importing and purchasing Iranian-origin petrochemical products worth over $84 million from multiple companies between January and December 2024.

Global Industrial Chemicals Ltd reportedly bought Iranian methanol and other goods worth $51 million between July 2024 and January 2025.

Jupiter Dye Chem Pvt Ltd allegedly sourced Iranian-origin petrochemical products, including toluene, valued at $49 million during the 12 months ending January 2025.

Ramniklal S Gosalia and Co is accused of buying over $22 million in Iranian-origin toluene and methanol, and other products in the same period.

Persistent Petrochem Pvt Ltd reportedly imported $14 million in Iranian-origin petrochemicals from various firms—including UAE’s Bab Al Barsha—between October and December 2024.

Kanchan Polymers is alleged to have sourced $1.3 million worth of Iranian-origin polyethylene via Tanais Trading, according to US officials.

All six companies were designated under section 3(a)(iii) of EO 13846 for “knowingly engaging” in major petrochemical transactions with Iranian entities.

Sanctions Fallout

The sanctions freeze all US-based assets or interests linked to the named firms. The sanction also blocks an entity or company which is 50 per cent or more owned by a person or company that is already blocked.

"All transactions by US persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorised by a general or specific license issued by OFAC or exempt. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person," the Department said.

The US Department of State clarified that the goal of sanctions is "not to punish, but to bring about a positive change in behavior."

Also Read: Trump's Trade Tantrum: 25 Per Cent Tariff And Unspecified 'Penalty' On India Starting 1 August—All About It