US sanctions four India-based companies and three nationals over Iran oil trade

The United States has sanctioned four India-based companies and three Indian nationals for allegedly facilitating imports of Iranian petroleum and petrochemical products. Announced Monday by the State Department, the designations cover Portease Partners LLP, Sadashiva Overseas Limited, PP Softtech Private Limited and Prakrutees Infra Impex Private Limited. Sadashiva Overseas allegedly imported about $69 million of Iranian-origin petroleum products, while PP Softtech and Prakrutees Infra each handled roughly $25 million. Portease Partners and its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi allegedly facilitated multiple shipments, while Prashant Garg, PP Softtech’s director, was designated individually. The action was issued under Executive Orders 13846 and 13949 and formed part of a package targeting nearly 60 entities, individuals and vessels linked to Iran’s military activities, procurement networks and energy trade. It was also included in Operation Economic Outcast, a campaign Treasury Secretary Scott Bessent described as an effort to sever Iran’s financial lifelines and increase the risk of secondary sanctions (penalties on third parties trading with a sanctioned country).

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US sanctions four India-based companies and three nationals over Iran oil trade - CoinPost Terminal