New Delhi: US President Donald Trump has imposed a huge tariff of 25 percent on India. After this, now the US State Department has imposed sanctions on six Indian companies for oil transactions with Iran. According to the statement issued by the US, these six Indian companies are Kanchan Polymers, Alchemical Solutions, Ramaniklal S Gosalia & Co, Jupiter Dye Chem, Global Industrial Chemicals and Persistent Petrochem. Now deals worth $220 million are under investigation.
This ban is part of a larger enforcement campaign targeting 20 global entities. The banned Indian enterprises also include major petrochemical traders.
Charges against these companies
The most serious allegations were leveled against Alchemical Solutions Private Limited, which allegedly imported Iranian petrochemical goods worth more than $84 million during January-December 2024.
Global Industrial Chemicals Limited allegedly purchased Iranian petrochemicals, including methanol, worth more than $51 million from July 2024 to January 2025.
Jupiter Dye Chem Private Limited’s imports of Iranian products, including toluene, totaled more than $49 million during this period.
A US Department of Justice press release stated that Ramniklal S Gosalia & Co. allegedly purchased more than $22 million worth of Iranian petrochemicals, including methanol and toluene.
The US records further claim that Persistent Petrochem Private Limited imported Iranian petrochemicals, primarily methanol, worth approximately $14 million between October and December 2024, while Kanchan Polymers allegedly acquired Iranian polyethylene products worth more than $1.3 million.
All US assets controlled by these companies or US citizens have been frozen under the sanctions. US entities have been barred from doing business transactions with banned organizations. These restrictions will also apply to all entities that have 50 percent or more ownership of banned companies.
