NEW DELHI: Hours after Treasury Secretary Scott Bessent announced ‘Operation Economic Outcast’, the US on Tuesday sanctioned four India-based entities for importing petroleum and petrochemical products from Iran.
Among those facing action is customs broker Portease Partners, along with its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi. They facilitated the import of Iranian petrochemical products, according to the US State Department.
The other India-based entities are Sadashiva Overseas, PP Softtech and Prakrutees Infra Impex. PP Softtech director Prashant Garg has also been sanctioned. Sheikh, Rangi and Garg are Indian nationals.
Sadashiva Overseas imported Iranian-origin petroleum products worth $69 million from multiple companies, while PP Softtech and Prakrutees Infra each imported products worth $25 million, the US said.
The companies were designated for “knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran”.
The sanctions are part of ‘Operation Economic Outcast’, announced by US Treasury Secretary Scott Bessent on Monday. The fresh measures are aimed at cutting off potential sources of revenue for Iran. The US has also warned countries to reduce economic ties with Tehran or face action.
Bessent termed the move an unprecedented campaign to sever Iran’s financial lifelines. Entities that continue to do business with Tehran may attract secondary sanctions.