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The US has banned 6 companies in India for buying oil from Iran.
The US has banned at least 6 Indian companies on charges of involvement in Iranian oil and petrochemical businesses. This action is part of the action taken on 20 global companies who have been convicted of trade with Iran.
The US State Ministry announced these sanctions on Wednesday. The ministry says that these Indian companies have made significant transactions in the purchase and sale of Iranian oil and petrochemical products, which is a violation of US restrictions.
The US alleges that these companies have done a business of crores of rupees with Iran, bypassing its sanctions.
Iran has the fourth largest oil reserves in the world. The country’s economy depends a lot on oil.
Which Indian companies were processed?
- Alchemical Solutions Private Limited: This is the biggest charge on this. The company imported Iranian petrochemical products worth over $ 84 million (about Rs 700 crore) between January and December 2024.
- Global Industrial Chemicals Limited: From July 2024 to January 2025, the company bought other products including Iranian methanol worth more than $ 51 million (about 425 crores).
- Jupiter Die Cam Private Limited: During the same period, this company imported about $ 49 million of Iranian products including Tolune.
- Ramanikalal S. Gosalia & Company: It bought about 22 million dollars of petrochemicals, including methanol and toluein.
- Persistant Petrochem Private Limited: Between October and December 2024, the company imported $ 14 million Iranian methanol.
- Kanchan Polymer: It is accused of purchasing $ 1.3 million Iranian polyethylene product.
America accused Iran of funding terrorist organizations
These restrictions are part of the US’s Maxim pressure policy on Iran. The US claims that Iran used the income that Iran earns from the sale of its oil and petrochemical products in the Middle East to spread instability and support terrorist organizations.
The US has said that the purpose of restrictions is not to punish, but to change the behavior. Restricted companies may apply to lift the ban from the US Treasury Department if they wish.
Apart from India, some companies in Türkiye, China, UAE and Indonesia have also been targeted in this action. According to the US, these companies were cooperating in Iran’s oil trade.
Donald Trump re -implemented the maximum pressure policy against Iran. Under this, strict economic sanctions have been imposed on Iran. Especially to target its oil exports.
What will be the effect of restrictions
These companies have been immediately freezed by all assets present in the US and their transactions with American citizens/companies. No American person or company can trade with these banned companies.
In February too, 4 companies were banned
The US has banned Indian companies for the second time this year. Earlier in February this year, it also banned 4 companies in India. These companies were also accused of selling Iranian petroleum products and mediation in transport.
According to the US, with the help of these companies, Iran’s oil exports are carried out through illegal shipping network.
These 4 Indian companies included flux Maritime LLP (Navi Mumbai), BSM Marine LLP (Delhi-NCR), Austinship Management Private Limited (Delhi-NCR) and Cosmos Lines Inc.
3 of these 4 companies were banned due to commercial and technical management of ships involved in transport of Iranian oil and petroleum products. While Cosmos Lines were banned due to Iranian petroleum involvement in transport.
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