KATHMANDU, Aug 2: The US has imposed sanctions on eight India-based companies and five Indian nationals as part of a sweeping crackdown on entities allegedly involved in the trade of Iranian oil and petrochemicals, The Indian Express reported.
According to a report published by Indian Express, the sanctions are part of the Trump administration’s ongoing “maximum pressure campaign” on Iran, with the latest round announced on Wednesday targeting a global network linked to Mohammad Hossein Shamkhani, son of Ali Shamkhani — a top political adviser to Iran’s Supreme Leader.
The US State Department sanctioned 20 entities and identified 10 vessels as blocked property, while the Treasury Department’s Office of Foreign Assets Control (OFAC) designated more than 50 individuals and entities, in addition to over 50 vessels allegedly linked to Shamkhani’s shipping empire.
Among those sanctioned are six Indian companies named by both the State Department and OFAC. These include Chennai-based Kanchan Polymers and five Mumbai-based firms: Alchemical Solutions (also known as Chemform Trading), Ramniklal S Gosalia and Company, Jupiter Dye Chem, Global Industrial Chemicals and Persistent Petrochem. The companies are accused of importing Iranian-origin petrochemicals worth millions of dollars, in violation of US sanctions.
Infographics: Iran oil exports fall ahead of sanctions
Two other Indian firms — Mumbai-based Ensa Ship Management and Surat-based Shreeji Gems — were designated by OFAC for their purported association with Shamkhani’s network.
OFAC also named five Indian nationals: Mohamed Rafeek Habibullah (based in the UAE), Jacob Kurian (Nigeria), Anil Kumar Panackal Narayanan Nair (India), Pankaj Nagjibhai Patel (UAE) and Elyas Jafer Tambe (UAE). These individuals were linked to shipping operations allegedly tied to Iranian oil transportation. Patel, for instance, is listed as a director of Shreeji Gems, while Kurian and Nair are shareholders and directors of Neo Shipping, based in the Marshall Islands.
In response to the sanctions, the Iranian Embassy in India strongly criticized Washington, accusing it of "weaponizing the economy" and undermining national sovereignty. In a post on X, it stated, “These coercive discriminatory actions violate the principles of international law and national sovereignty, representing a modern form of economic imperialism.”
The Indian Express noted that this is not the first time Indian individuals and companies have been caught in the crosshairs of US sanctions targeting Iran. In previous rounds, a UAE-based Indian national, Jugwinder Singh Brar and four of his firms were sanctioned for operating so-called “shadow fleet” vessels transporting Iranian oil.
Even before the Trump administration’s intensified pressure campaign, a few Indian entities had faced sanctions related to Iranian energy transport. In October last year, India-based Gabbaro Ship Services was sanctioned for alleged involvement in transporting Iranian oil. Similarly, three Indian shipping firms were sanctioned in August and September for transporting liquefied natural gas (LNG) from Russia’s Arctic LNG 2 project, which is also under US sanctions.
According to the report, most of the Indian entities targeted are relatively small and obscure firms, not major players in India’s energy or shipping sectors. India officially halted oil imports from Iran following the reimposition of US sanctions during Trump’s first term.
Commenting on the latest measures, US Treasury Secretary Scott Bessent said the Shamkhani network is a key example of how Iran’s ruling elite amass personal wealth while supporting activities that destabilize the region.
“These actions put America first by targeting regime elites that profit while Tehran threatens the safety of the United States,” Bessent said. OFAC alleged that the Shamkhani network generated tens of billions of dollars in profits by operating a massive fleet transporting oil from Iran and Russia to international buyers.
