Which India-Based Companies and Indians Were Sanctioned by the US Over Iran Trade?
The US sanctioned four India-based companies and three individuals for trading Iranian petroleum under 'Operation Economic Outcas', a campaign led by Treasury Secretary Scott Bessent to block Tehran's revenue sources. The initiative aims to systematically dismantle and sever Iran's financial lifelines around the globe.
The United States has imposed sanctions on four India-based companies and three Indian nationals for their alleged involvement in procurement networks and the trade of Iranian petroleum and petrochemical products. The designations were announced by the US State Department as part of a sweeping international enforcement action targeting entities accused of generating revenue for the Iranian government and supporting its military activities.
Sanctioned Indian Entities and Individuals
According to the official release by the US State Department, the latest US measures target four specific corporate entities based in India alongside key individuals associated with their operations. Why Are 4 Indian Companies on the US Sanctions List Over Iran’s Oil Business?
- Portease Partners LLP: Identified by the State Department as a customs broker that facilitated the import of multiple shipments of Iranian petrochemical products into India. Two Indian nationals and designated partners of the firm, Indrismiya Asharafmiya Shekh and Harish Ramchandra Rangi, were also sanctioned.
- Sadashiva Overseas Limited: An India-based company accused of importing approximately USD 69 million worth of Iranian-origin petroleum products from multiple suppliers—including the US-designated entity Bonjoure Commodity F.Z.E.—between February 2024 and June 2025.
- PP Softtech Private Limited: Cited for importing roughly USD 25 million worth of Iranian-origin petroleum products between January 2024 and June 2025. Company director Prashant Garg, an Indian national, was also targeted.
- Prakrutees Infra Impex India Private Limited: Accused of importing Iranian-origin petroleum products valued at USD 25 million from multiple suppliers, including Bonjoure Commodity F.Z.E., between May 2023 and February 2026.
Washington stated that these companies knowingly engaged in significant transactions involving the purchase, acquisition, sale, transport, or marketing of petroleum and petroleum products from Iran, violating existing US restrictions.
What Is Operation Economic Outcast?
"Operation Economic Outcast" is an aggressive, sweeping international campaign introduced by US Treasury Secretary Scott Bessent to target and block all potential sources of revenue for the Iranian government. The initiative aims to systematically dismantle and sever Iran's financial lifelines around the globe. By broadening the risk of secondary sanctions, the campaign targets petroleum traders, shadow-fleet operators, maritime service providers, intermediaries, and local procurement networks across various countries that continue to engage in commercial ties with Tehran. Donald Trump Says Canada Cannot Survive Without US As Trade Tensions Escalate.
Through this operation, Washington seeks to restrict the funds that the Iranian regime utilises for its regional activities and military procurement. As of publication, representatives for the sanctioned Indian companies have not issued a public response regarding the designations.
(The above story first appeared on LatestLY on Aug 26, 2026 10:11 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
