US Blacklists Four Indian Firms And Three Citizens Over $119 Million Iranian Oil Trade

The United States has slapped sanctions on four India-based companies and three Indian nationals for their alleged roles in facilitating the trade and transport of Iranian petroleum and petrochemical products worth nearly $119 million. The enforcement action by the US Department of the Treasury and the State Department comes under Washington's newly launched "Operation Economic Outcast", designed to choke off Tehran’s global financial lifelines.

US Treasury Secretary Scott Bessent announced that the initiative aims to dismantle Iran's illicit revenue networks and warned that non-compliant global entities face swift exclusion from the US dollar financial system.

Indian Entities Named In US Enforcement Action

The US State Department targeted three import firms alongside a customs brokerage service accused of knowingly handling multiple shipments of Iranian-origin petroleum and petrochemical goods:

• Sadashiva Overseas Limited: Accused of importing approximately $69 million in Iranian petroleum products between February 2024 and June 2025.
• PP Softtech Private Limited: Sanctioned for importing around $25 million in Iranian petroleum products between January 2024 and June 2025. Its director, Prashant Garg, was individually designated.
• Prakrutees Infra Impex India Private Limited: Alleged to have imported $25 million worth of Iranian petroleum goods between May 2023 and February 2026.
• Portease Partners LLP: An India-based customs broker penalised for facilitating multiple shipments of Iranian petrochemicals into Indian ports. Designated partners Indrismiya Asharafmiya Shekh and Harish Ramchandra Rangi were also placed under individual sanctions.

Severe Financial Restrictions And Global Fallout

Under the sanctions, all property and interests in property belonging to the designated firms and individuals within US jurisdiction are immediately frozen. US citizens and domestic entities are strictly prohibited from conducting any business transactions with the blacklisted entities without explicit federal authorization.

The crackdown forms part of a massive international sweep involving nearly 60 individuals, shadow-fleet vessels, and shell companies across Hong Kong, China, and Türkiye.

Responding to the sanctions, Tehran denounced Washington’s move as "systematic bullying" and a violation of international law. Meanwhile, the Indian government and the designated companies have not yet issued official statements regarding the US actions.