Six Indian companies, including 14 others, face US sanctions for reportedly engaging in trade with Iran for petroleum and petrochemical products, which Washington claims violates American sanctions under Executive Order 13846, reports NDTV.
"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 US Department of State spokesperson said, in a statement.
Among the 6 companies that face sanctions, Alchemical Solutions Private Limited (Alchemical Solutions) is at the top, accused of importing and purchasing Iranian-origin petrochemical products worth over $84 million from multiple suppliers between January and December 2024.
Global Industrial Chemicals Limited (Global Industrial), Jupiter Dye Chem Private Limited (Jupiter Dye Chem), Ramniklal S Gosalia And Company (Ramniklal), Persistent Petrochem Private Limited, and Kanchan Polymers make up the other four, consecutively.
These Indian firms were designated under Section 3(a)(iii) of Executive Order 13846 for knowingly conducting significant transactions related to Iranian petrochemical products.
Under the sanctions, all property and interests in property of the designated companies located in the United States or under the control of U.S. persons are blocked. The sanctions also extend to any entity that is 50% or more owned by a blocked person or company.
"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 U.S. Department of State stated.
The Department stressed that the objective of the sanctions is "not to punish, but to bring about a positive change in behavior."
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