US Sanctions 4 India-Based Firms Over Iran Oil Trade Under ‘Operation Economic Outcast’

The United States has imposed sanctions on four India-based companies and several Indian nationals over their alleged involvement in Iran’s petroleum and petrochemical trade, as Washington intensifies its economic pressure on Tehran under “Operation Economic Outcast.”

Indian firms targeted over Iranian oil imports

Among the entities sanctioned is customs broker Portease Partners LLP, which the US State Department accused of facilitating multiple shipments of Iranian petrochemical products into India.

Its partners, Indian nationals Indrismiya Ashrafmiya Shekh and Harish Ramchandra Rangi, were also designated.

The US separately targeted Sadashiva Overseas Ltd, alleging that the company imported about $69 million worth of Iranian-origin petroleum products between February 2024 and June 2025. The shipments were sourced from multiple companies, including US-sanctioned Bonjoure Commodity F.Z.E.

Another Indian company, PP Softtech Private Ltd, was accused of importing approximately $25 million of Iranian-origin petroleum products between January 2024 and June 2025. Its director, Indian national Prashant Garg, was also sanctioned.

Washington also designated Prakrutees Infra Impex India Private Ltd, alleging that it imported Iranian-origin petroleum products worth around $25 million between May 2023 and February 2026.

US expands pressure on Iran’s economic networks

The latest sanctions form part of a wider US effort to restrict Iran’s oil revenues and disrupt networks Washington says support Tehran’s military and procurement activities.

US Treasury Secretary Scott Bessent said entities involved in money laundering on behalf of Iran could lose access to the US dollar financial system.

He described the campaign as an effort to cut Iran’s economic lifelines and warned that sanctions could extend beyond companies directly linked to the country.

The US has also identified digital assets, technology, gold, aviation and shipping as sectors that could face secondary sanctions. Bessent further warned that financial institutions, including Chinese banks, could come under scrutiny as Washington expands its campaign.