6 Indian companies trapped in the oil scam-America raids to ban them!

International News: The US State Department on Wednesday announced tough sanctions against companies that have been involved in large transactions related to Iranian petroleum and petrochemical products. The names of several companies from India, Turkey, the United Arab Emirates (UAE), China, and Indonesia have appeared in this list.

According to the report, between January 2024 and January 2025, some Indian companies imported substances of Iranian origin such as methanol, toluene, and polyethylene. According to the US government, these transactions helped Iran to raise illegal funds for destabilizing activities.

Which companies are involved?

The Indian companies banned by the US include Kanchan Polymers, Alchemical Solutions Pvt Ltd, Ramaniklal S Gosalia & Co, Jupiter Dye Chem Pvt Ltd, Global Industrial Chemicals Ltd, and Persistent Petrochem Pvt Ltd.

US Sanctions Two Indian Petrochemical Importers

The State Department said Kanchan Polymers purchased Iranian polyethylene worth about $1.3 million through UAE-based Tanais Trading. Alchemical Solutions imported Iranian petrochemicals worth more than $84 million through various channels, making it one of the biggest violators in the action.

Jupiter Dye Chem imported Iranian toluene and other petrochemicals worth about $49 million, while Global Industrial Chemicals Ltd imported materials worth $51 million. Persistent Petrochem ordered shipments worth about $14 million through Bab Al Barsha Trading LLC, which has also been banned.

What did America say about the ban?

The US statement clarifies that the purpose of these sanctions is not only to punish but also to bring about reform in the future. All US assets of the banned entities have been seized, and any kind of trade with them will now be prohibited without the permission of OFAC. No official response has come from Indian companies yet.