6 Indian firms among 20 entities sanctioned by US over Iran oil trade

The US government claims that the Iranian regime uses revenue to fuel conflict in the Middle East, fund terrorism and oppress its people.

"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," a US Department of State spokesperson said in a statement.

The Indian companies are Alchemical Solutions Private Limited, Global Industrial Chemicals Limited, Jupiter Dye Chem Private Limited, Ramniklal S Gosalia & Company, Persistent Petrochem Private Limited and Kanchan Polymers.

Sanctions have been imposed on all these firms for ‘knowingly engaging’ in a significant transaction for the purchase, acquisition, sale, transport or marketing of petrochemical products from Iran.

Alchemical Solutions faces the largest allegations, accused of importing and purchasing Iranian-origin petrochemical products worth over $84 million from multiple companies between January and December 2024.

Global Industrial has been accused of importing and purchasing Iranian products, including methanol, worth over $51 million between July 2024 and January 2025.

Petrochemical trading company Jupiter Dye Chem is accused of importing and purchasing Iranian-origin petrochemical products, including toluene, valued at over $49 million between January 2024 and January 2025.

Ramniklal S Gosalia & Company allegedly imported and purchased Iranian products worth over $22 million, including methanol and toluene, between January 2024 and January 2025.

Persistent Petrochem has imported approximately $14 million worth of shipments containing Iranian-origin petrochemicals, such as methanol, from multiple companies, including from Bab Al Barsha, a UAE-based commodities trading company, with shipping dates between October 2024 and December 2024, the US department said.

Kanchan Polymers is said to have imported and purchased over $1.3 million worth of Iranian-origin petrochemical products, including polyethylene, from Tanais Trading.

Under the sanctions, all property and interests in property of these companies in the United States or under the control of US persons are blocked. 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.

ALCHEMPro News Desk (DS)