The US sanctions 9 Indian companies and 8 nationals for alleged Iranian oil and LPG trade as part of a wider crackdown.
In a sweeping new sanctions push, the United States Department of State and Office of Foreign Assets Control (OFAC) have targeted nine Indian companies and eight Indian nationals for allegedly participating in the trade of Iranian oil, petroleum products, and LPG. This action is part of Washington’s latest Iran-related sanctions covering nearly 100 individuals, entities, and vessels worldwide.
The sanctions, announced on October 9, are aimed at disrupting Tehran’s energy export network. Nearly 40 individuals, entities, and vessels have been sanctioned by the US State Department, while OFAC has designated 60 others. Entities and individuals from China and the UAE were also included.
Eight Indian chemical and petrochemical traders have been named, including Mumbai-based CJ Shah & Co, Chemovick, Mody Chem, Paarichem Resources, Indisol Marketing, Haresh Petrochem, Shiv Texchem, and Delhi-based BK Sales Corporation. According to US authorities, these firms imported Iranian-origin petrochemicals worth “hundreds of millions of dollars” in recent years.
Individuals named in the State Department’s list include Piyush Maganlal Javiya (Chemovick), Niti Unmesh Bhatt (Indisol Marketing), and Kamla Kasat, Kunal Kasat, and Poonam Kasat (Haresh Petrochem). OFAC’s designations include Varun Pula, Iyappan Raja, and Soniya Shrestha, who have been linked to shipping vessels moving Iranian LPG.
Mumbai-based shipping firm Vega Star Ship Management, owned by Shrestha, and its vessel Nepta were also sanctioned for transporting Iranian LPG to Pakistan. OFAC said Pula’s Marshall Islands-based Bertha Shipping and its vessel Pamir moved 4 million barrels of Iranian LPG to China since July 2024, while Raja’s Evie Lines and Sapphire Gas moved over a million barrels since April 2025. All assets of designated persons and entities in the US or under US jurisdiction have been frozen. Entities owned 50% or more by these parties are also blocked.
Treasury Secretary Scott Bessent said, “We’re degrading Iran’s cash flow by dismantling key elements of its energy export machine. This disrupts the regime’s ability to fund terrorist groups that threaten the United States.”
The US described the network as critical to Iran’s ability to export petroleum and generate significant revenue. The move comes as part of President Donald Trump’s “maximum pressure campaign,” which has seen repeated sanctions on Iranian oil and petrochemical trade.
Notably, most sanctioned Indian firms are smaller trading entities that have emerged in recent years, while large Indian corporates have largely avoided Iranian energy trade due to longstanding US sanctions. This latest action underscores Washington’s tightening grip on illicit energy flows and shadow fleets supporting Iran’s export network.
Source: Indian Express
