Operation Economic Outcast: US Sanctions Four Indian Firms Over Iran Petroleum Trade

The United States has sanctioned four India-based companies for importing petroleum and petrochemical products from Iran, along with several individuals linked to the transactions, according to the US State Department.

The action follows US Treasury Secretary Scott Bessent’s announcement of ‘Operation Economic Outcast’ on Monday, which involves new sanctions aimed at blocking all potential sources of revenue for Iran. The US has also told countries to cut economic ties with Tehran or face retaliation, broadening the risk of secondary sanctions for entities continuing to do business with Iran.

Among the four India-based companies facing action is customs broker Portease Partners LLP, along with its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi. The State Department said they facilitated the import of multiple shipments of Iranian petrochemical products.

The other Indian companies facing action are Sadashiva Overseas Limited; PP Softtech Private Limited, along with its director Prashant Garg; and Prakrutees Infra Impex Private Limited.

According to PTI, Sheikh, Rangi and Garg are Indian nationals. The State Department said Sadashiva Overseas imported Iranian-origin petroleum products worth around USD 69 million from multiple companies, while PP Softtech and Prakrutees Infra each imported petroleum products worth USD 25 million.

The companies were put on a list for "knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran," the press release said.

Bessent described it as a campaign to sever Iran’s financial lifelines. The measures broaden the risk of secondary sanctions for entities, including countries, businesses or organisations, continuing to do business with Tehran.

State Department spokesperson Tommy Pigott on Monday said the US action targeted multiple entities, individuals and vessels allegedly enabling the Iranian regime’s activities.

"Today, the United States took sweeping action against multiple entities, individuals, and vessels enabling the Iranian regime’s destabilising activities."

"Such activities include attacks against US forces and allies in the region, illicit weapons procurement, cyber intrusions into American infrastructure, and the movement of energy products whose sale funds terrorism globally," he added.

PTI reported that the latest sanctions are part of the US campaign to restrict Iran’s financial networks and revenue from its energy trade. Washington has warned countries and companies that continue doing business with Tehran that they could face US sanctions.