U.S. sanctions four India-based firms over Iranian oil trade

The United States has sanctioned four India-based companies for importing petroleum and petrochemical products from Iran, the State Department said on Monday (August 24, 2026).

The action came as Treasury Secretary Scott Bessent announced "Operation Economic Outcast", described as an unprecedented campaign to sever Iran's financial lifelines. The measures broaden the risk of secondary sanctions for entities — countries, businesses or organisations — that continue doing business with Tehran. Washington has also told countries to cut economic ties with Iran or face retaliation.

Among those facing action is a customs broker, Portease Partners LLP, and its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi. The State Department said they facilitated the import of multiple shipments of Iranian petrochemical products.

The other Indian companies named are Sadashiva Overseas Limited; PP Softtech Private Limited and its director Prashant Garg; and Prakrutees Infra Impex Private Limited. Mr. Sheikh, Mr. Rangi and Mr. Garg are Indian nationals.

According to the release, Sadashiva Overseas imported Iranian-origin petroleum products worth around $69 million from multiple companies, while PP Softtech and Prakrutees Infra imported petroleum products worth $25 million each.

The companies were placed on a list for "knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran".

State Department spokesperson Tommy Pigott said the United States had taken sweeping action against multiple entities, individuals and vessels enabling the Iranian regime's destabilising activities. These, he said, include attacks against U.S. forces and allies in the region, illicit weapons procurement, cyber intrusions into American infrastructure, and the movement of energy products whose sale funds terrorism globally.