US sanctions India firms over Iran oil

On August 24, 2026, the United States — United States Department of the Treasury, under the Trump administration, imposed sanctions on four India-based companies and three Indian nationals for their alleged involvement in the trade of Iranian oil and petrochemical products worth approximately $119 million. The companies sanctioned include Sadashiva Overseas Limited, PP Softtech Private Limited, Prakrutees Infra Impex India Private Limited, and Portease Partners LLP. The US Treasury stated that Sadashiva Overseas imported about $69 million worth of Iranian-origin petroleum products between February 2024 and June 2025, with some shipments linked to previously sanctioned Bonjoure Commodity FZE. PP Softtech and Prakrutees Infra Impex were each accused of importing about $25 million worth of Iranian petroleum products. Portease Partners, a customs broker, was sanctioned for facilitating shipments of Iranian petrochemicals into India. The three individuals sanctioned are Prashant Garg, director of PP Softtech, and Indrismiya Asharafmiya Shekh and Harish Ramchandra Rangi, associated with Portease Partners. The action was part of the US Treasury's 'Operation Economic Outcast' initiative, which also targeted around 20 companies in China and China — Hong Kong and four Chinese nationals, totaling nearly 60 individuals, companies, and vessels. US Treasury Secretary Scott Bessent described the campaign as an 'economic D-Day' aimed at tightening the noose around the Iranian government. Iran rejected the sanctions, with its Foreign Ministry calling them a violation of international law. Iranian Economy Minister Ali Madanizadeh said Iran had a two-year plan to counter the sanctions, and Parliament Speaker Mohammad Bagher Ghalibaf dismissed US threats as 'big talk'. The sanctions come amid a fragile ceasefire between the US and Iran, and have eased some oil market fears as traders see a shift from military to economic pressure, potentially opening the door for negotiations.