Four India-based companies are bearing the brunt of US sanctions against Iran

U.S. Treasury Secretary Scott Bessent outlines additional sanctions against Iran during a news conference at the Treasury Department in Washington, DC, U.S., on August 24, 2026. | Photo credit: Reuters

According to a US State Department press release, the US has imposed sanctions on four India-based companies for importing oil and petrochemical products from Iran.

US Treasury Secretary Scott Bessent announced “Operation Economic Outcast” on Monday (24 August 2026), which essentially included new sanctions aimed at blocking all potential sources of revenue for Iran. The US has also told countries to cut economic ties with Tehran or face retaliation.

Mr Bessent described it as an unprecedented campaign to cut Iran’s financial lifelines. It extends the risk of secondary sanctions to entities that may be countries, businesses or organizations that continue to do business with Tehran.

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Among the four “India-based companies” facing the suit is a customs broker identified as Portease Partners LLP and its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi. They have facilitated the importation of multiple shipments of Iranian petrochemical products, the State Department said in a report on Monday (24 Aug 2026).

Other Indian companies facing the lawsuit are Sadashiva Overseas Limited; PP Softech Private Limited along with its Director Prashant Garg; and Prakrutees Infra Impex Private Limited.

Mr Sheikh, Mr Rangi and Mr Garg are Indian nationals, according to the disclosure.

Sadashiva Overseas imported oil products of Iranian origin worth about $69 million from several companies, while PP Softtech and Prakrutees Infra imported oil products worth $25 million each, the press release said.

The companies were listed for “knowingly engaging in a significant transaction to purchase, acquire, sell, transport or market crude oil or petroleum products from Iran,” the company said.

State Department spokesman Tommy Pigott said in a statement on Monday (August 24, 2026): “The United States today took extensive action against numerous entities, individuals and vessels that have enabled the destabilizing activities of the Iranian regime.” “Such activities include attacks against U.S. forces and allies in the region, illicit arms purchases, cyber intrusions into U.S. infrastructure, and the movement of energy products whose sale funds terrorism around the world,” he added.

Published – 25 Aug 2026 15:31 IST