The United States has sanctioned four India-based companies and three Indian nationals over their alleged involvement in the trade of Iranian petroleum and petrochemical products, escalating Washington’s campaign to cut off Tehran’s access to international revenues and putting a fresh spotlight on the risks for Indian businesses dealing with Iran.
The sanctions, announced by the US State Department on August 24, target Portease Partners LLP, Sadashiva Overseas Ltd, PP Softtech Pvt Ltd and Prakrutees Infra Impex India Pvt Ltd. The action forms part of its broader “Operation Economic Outcast”, under which the US is seeking to disrupt Iran’s petroleum trade, procurement networks and other channels that generate revenue for the Iranian regime.
The scale of the transactions cited by Washington is significant. Sadashiva Overseas allegedly imported about $69 million worth of Iranian-origin petroleum products between February 2024 and June 2025.
PP Softtech allegedly imported another $25 million between January 2024 and June 2025, while Prakrutees Infra Impex is accused of importing petroleum products worth about $25 million between May 2023 and February 2026. Together, the three companies account for about $119 million in transactions identified by the US.
The State Department also targeted partners of Portease Partners Indrismiya Ashrafmiya Shekh and Harish Ramchandra Rangi. Prashant Garg, director of PP Softtech, was separately designated.
The latest action is part of a long-running US strategy of using sanctions to squeeze Iran’s principal source of foreign-exchange earnings. Previous US actions have targeted shipping companies, traders, financial intermediaries and companies in third countries involved in Iranian oil flows.
What is different in the latest move is the emphasis on the entire commercial chain. Rather than limiting sanctions to Iranian producers or shipping companies, Washington is increasingly going after importers, customs brokers, procurement agents and other intermediaries in countries that continue to trade with Iran.
Indian businesses with significant exposure to the US financial system, dollar transactions, American banks, insurers, shipping companies or multinational customers may become considerably more cautious about Iran-related transactions.