US sanctions four India-based companies and three Indian nationals over alleged Iran trade

Millat Times Desk

26 August 2026 (Publish: 11:31 AM IST)

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The United States has sanctioned four India-based companies and three Indian nationals for allegedly facilitating the import of Iranian petroleum and petrochemical products into India, the US State Department said this week

The measures were announced by Treasury Secretary Scott Bessent under “Operation Economic Outcast”, as Washington steps up efforts to restrict Iran’s sources of revenue. Bessent also warned companies and countries doing business with Tehran that they could face secondary sanctions.

Among those targeted is India-based customs brokerage firm Portease Partners LLP and its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi. The US said the company and its partners had facilitated several shipments of Iranian petrochemical products to India.

Washington accused Portease of conducting significant transactions involving the purchase, acquisition, sale, transport or marketing of Iranian petrochemical products after November 5, 2018.

The other companies sanctioned were Sadashiva Overseas Limited, PP Softtech Private Limited and Prakrutees Infra Impex Private Limited. Prashant Garg, a director of PP Softtech, was also designated.

The sanctions freeze any property or interests in property belonging to the designated companies and individuals that are in the United States or under the control of US persons. Such assets must be reported to the Treasury Department’s Office of Foreign Assets Control.

The restrictions also extend to companies owned directly or indirectly by sanctioned persons at a level of 50% or more.

US persons are barred from transactions involving the property or interests of the designated parties unless authorised by OFAC or covered by an exemption. The restrictions include providing funds, goods or services to sanctioned entities and individuals, or receiving them from them.

The State Department said the sanctions were intended both to impose costs on those involved and to encourage changes in behaviour. Designated individuals and entities can apply to OFAC to be removed from its Specially Designated Nationals and Blocked Persons list.