US sanctions four India-based firms for importing petrochemicals from Iran

Four India-based companies were among several entities sanctioned by the United States on Monday for importing petroleum and petrochemical products from Iran.

A statement released by the US Department of State said that Washington has implemented “Operation Economic Outcast”, imposing additional sanctions targeting Iran’s military activities and procurement networks, as well as traders involved in petroleum and petrochemical products.

The four India-based companies include Portease Partners LLP, which is a customs broker that allegedly facilitated the import of shipments of Iranian petrochemical products to India, the statement said.

Sadashiva Overseas Limited, PP Softtech Private Limited and Prakrutees Infra Impex Private Limited are the other India-based entities facing the fresh US sanctions.

Indian citizens Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi, partners of Portease Partners LLP, and Prashant Garg, the director of PP Softtech Private Limited, have also been sanctioned, the statement added.

The US state department said that Sadashiva Overseas allegedly imported petroleum products originating in Iran worth about $69 million from several companies. PP Softtech and Prakrutees Infra each allegedly imported Iranian petroleum products valued at about $25 million.

Washington said that the companies were sanctioned for “knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products” from Iran.

Nearly 60 individuals, entities and vessels...

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