U.S. Treasury Secretary Scott Bessent speaks during a press conference to outline further sanctions against Iran, at the Treasury Department in Washington, D.C., U.S., on August 24, 2026.
| Photo Credit: Reuters
The U.S. has sanctioned four India-based companies for importing petroleum and petrochemical products from Iran, according to a press release by the U.S. State Department.
U.S. Treasury Secretary Scott Bessent on Monday (August 24, 2026) announced ‘Operation Economic Outcast’, which essentially involved new sanctions that aim to block all potential sources of revenue for Iran. The U.S. has also told countries to cut economic ties with Tehran or face retaliation.
Mr. Bessent described it as an unprecedented campaign to sever Iran’s financial lifelines. It broadens the risk of secondary sanctions for entities — which can be countries, businesses or organisations — continuing to do business with Tehran.
Among the four “India-based companies” facing action is a customs broker identified as Portease Partners LLP and its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi. They facilitated the import of multiple shipments of Iranian petrochemical products, the State Department said in the release on Monday (August 24, 2026).
Other Indian companies facing action are Sadashiva Overseas Limited; PP Softtech 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 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 press release said.
These companies were put 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,” it said.
State Department spokesperson Tommy Pigott on Monday (August 24, 2026) said in a statement: “Today, the United States took sweeping action against multiple entities, individuals, and vessels enabling the Iranian regime’s destabilising activities.” “Such activities include attacks against US 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,” he added.
Published – August 25, 2026 03:31 pm IST
