U.S. Treasury Secretary Scott Bessent speaks throughout a press convention to stipulate additional sanctions towards Iran, on the Treasury Division in Washington, D.C., U.S., on August 24, 2026.
| Picture Credit score: Reuters
The U.S. has sanctioned four India-based companies for importing petroleum and petrochemical merchandise from Iran, in response to a press launch by the U.S. State Division.
U.S. Treasury Secretary Scott Bessent on Monday (August 24, 2026) introduced ‘Operation Financial Outcast’, which basically concerned new sanctions that goal to dam all potential sources of income for Iran. The U.S. has additionally informed international locations to chop financial ties with Tehran or face retaliation.
Mr. Bessent described it as an unprecedented marketing campaign to sever Iran’s monetary lifelines. It broadens the danger of secondary sanctions for entities — which may be international locations, companies or organisations — persevering with to do enterprise with Tehran.
Among the many 4 “India-based corporations” going through motion is a customs dealer recognized as Portease Companions LLP and its companions Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi. They facilitated the import of a number of shipments of Iranian petrochemical merchandise, the State Division stated within the launch on Monday (August 24, 2026).
Different Indian corporations going through motion are Sadashiva Abroad Restricted; PP Softtech Personal Restricted, together with its director Prashant Garg; and Prakrutees Infra Impex Personal Restricted.
Mr. Sheikh, Mr. Rangi and Mr. Garg are Indian nationals, in response to the discharge.
Sadashiva Abroad imported Iranian-origin petroleum merchandise value round $69 million from a number of corporations, whereas PP Softtech and Prakrutees Infra imported petroleum merchandise value $25 million every, the press launch stated.
These corporations have been placed on an inventory for “knowingly partaking in a major transaction for the acquisition, acquisition, sale, transport, or advertising and marketing of petroleum or petroleum merchandise from Iran,” it stated.
State Division spokesperson Tommy Pigott on Monday (August 24, 2026) stated in a press release: “Right now, the US took sweeping motion towards a number of entities, people, and vessels enabling the Iranian regime’s destabilising actions.” “Such actions embrace assaults towards US forces and allies within the area, illicit weapons procurement, cyber intrusions into American infrastructure, and the motion of power merchandise whose sale funds terrorism globally,” he added.
Printed – August 25, 2026 03:31 pm IST
