US Sanctions Four Indian Firms Over Iran Oil, Petrochemical Trade

The United States sanctioned four India-based companies on August 25, 2026, for alleged involvement in Iran’s petroleum and petrochemical trade.

The targeted entities are Portease Partners LLP, Sadashiva Overseas Ltd, PP Softtech Pvt Ltd, and Prakrutees Infra Impex India Pvt Ltd. These measures are part of "Operation Economic Outcast," a US campaign to cut Tehran’s financial and oil revenue networks. Portease Partners, an India-based customs broker, facilitated multiple shipments of Iranian petrochemical products into India.

Two Indian nationals, Indrismiya Asharafmiya Shekh and Harish Ramchandra Rangi, designated partners of Portease, were also blocked. Sadashiva Overseas imported approximately $69 million worth of Iranian-origin petroleum products between February 2024 and June 2025. US Treasury Secretary Scott Bessent announced "Operation Economic Outcast" on Monday, August 24, 2026, describing it as an economic D-Day and an economic onslaught to sever Iran's economic lifelines.

The campaign targets digital assets, technology, gold, aviation, and shipping. Nearly 60 entities, individuals, and vessels have been sanctioned. President Donald Trump has contacted world leaders with specific requests to cease interactions with Iran. Bessent warned countries continuing trade with Iran risk removal from the dollar-based financial system, offering a cure period for compliance. Iran vowed retaliation against the expanded sanctions, expressing confidence that major trading partners would resist.

China's foreign ministry spokesperson Lin Jian denounced economic warfare, stating China would firmly defend its interests. China is Iran's largest oil buyer, taking over 80 percent of its seaborne crude exports. The UAE imposed an indefinite trade embargo last week, accusing Iran of missile attacks. Bessent declined to identify specific countries or deadlines for compliance.