A Gujarat based firm among 4 Indian Companies Hit By Sanctions on Charges of Importing Petroleum Products worth $119M
Summarized by AI; it may make mistakes. Check important info
Summarized by AI; it may make mistakes. Check important info
In a major escalation of its economic pressure campaign against Tehran, the US Department of the Treasury and the US State Department have slapped sweeping sanctions on four Indian companies and three executive officers for facilitating the illicit import of Iranian petroleum and petrochemical products.
The action forms part of "Operation Economic Outcast," an aggressive Washington push aimed at choking off funding to the Iranian regime by cutting through shadow supply chains and third-country proxies.
According to federal authorities, the designated Indian firms systematically processed approximately $119 million in illegal Iranian crude, bitumen, and petrochemical imports between mid-2023 and early 2026.
Shadow Shipping Networks and Third-Country Fronts
US investigators allege that the companies knowingly circumvented international sanctions by sourcing cargo through third-country intermediaries.
- Primary Violation: Knowingly engaging in significant transactions involving the purchase, acquisition, transport, and marketing of Iranian-origin petroleum products in direct breach of US sanctions.
- Shadow Trade Facilitation: Channeling business through front entities, such as UAE-based Bonjoure Commodity FZE, to mask the origin of crude oil and bitumen before landing shipments at Indian ports.
Corporate Profiles & Key Personnel Sanctioned
Entity Name | Primary Role & Allegations | Associated Operators / Key Personnel Sanctioned |
Sadashiva Overseas Ltd (New Delhi) | Imported ~$69 million worth of Iranian-origin petroleum products between February 2024 and June 2025 via blacklisted entities like Bonjoure Commodity FZE. | Designated as a corporate entity (specific individuals not separately named in primary list). |
PP Softtech Pvt Ltd (Faridabad, Haryana) | Imported ~$25 million worth of Iranian petroleum products (such as bitumen) between January 2024 and June 2025. | Prashant Garg (Director) |
Prakrutees Infra Impex India Pvt Ltd (Karnataka) | Imported ~$25 million worth of Iranian petroleum products between May 2023 and February 2026 from designated entities. | Designated as a corporate entity (specific individuals not separately named in primary list). |
Portease Partners LLP (Gandhidham, Gujarat) | Acted as a customs broker and logistics facilitator to move multiple shipments of Iranian petrochemical products into Indian ports. | Indrismiya Asharafmiya Shekh (Designated Partner) Harish Ramchandra Rangi (Designated Partner) |
Global Trade Fallout and Dollar Access at Risk
The Treasury's Office of Foreign Assets Control (OFAC) has ordered an immediate freeze on all US-based assets, bank accounts, and financial interests belonging to the designated firms or individuals.
Washington also issued a stern warning to non-US financial institutions and global trading desks: doing business with these sanctioned Indian entities risks triggering secondary sanctions, effectively cutting off offending banks and commercial partners from the US dollar clearing system.
