Donald Trump: Restrictions on 6 Indian Companies

The US has imposed strict actions and restrictions on at least six companies in India, citing the reason of oil trade with Iran. The US State Department announced this action in a statement issued on Wednesday.

This action has been taken against 20 companies worldwide involved in trade related to Iranian petroleum and petrochemicals. This action includes companies from India such as Alchemical Solutions Private Limited, Global Industrial Chemicals Limited, Jupiter Dye Chem Private Limited, Ramaniklal S Gosalia and Company, Persistent Petrochem Private Limited, and Kanchan Polymers.

According to the American allegations, these companies violated the sanctions on Iran by purchasing large quantities of Iranian petroleum products and methanol in 2024. As per this decision, all assets of the concerned Indian companies in the United States have been frozen. Additionally, American citizens or companies are prohibited from engaging in any business transactions with these Indian companies.

In recent years, India has reduced its oil purchases from Iran, especially after 2019 due to pressure from the United States. However, trade with Iran continued through some private companies, which is said to be the reason behind the U.S. action. On one hand, the U.S. is preparing to impose a 25% import duty on India, while on the other hand, information has emerged about a possible oil agreement with Pakistan.