Trump Tariff On India: U.S. sanctions hit Indian companies over Iran oil trade

Trump Tariff On India: The Trump administration of America has announced sanctions against many companies on Wednesday. These include many companies of India as well. These companies were banned because these companies are involved in important transactions related to Iranian petroleum and petrochemical products. Trump says that this is a violation of US sanctions.

U.S. sanctions hit Indian companies

At least half a dozen Indian companies trading in Iranian petroleum and petrochemicals have been affected by this decision of Trump. The US State Department announced the sanctions on Wednesday, alleging that Indian companies are knowingly involved in important transactions for the purchase and marketing of Iranian petroleum products. This is a violation of US sanctions on Iran.

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Half a dozen Indian companies trading in Iranian petroleum

The banned Indian companies include some of the country's leading petrochemical traders. The Alchemical Solutions Private Limited has the biggest charges in this. It is accused of importing Iranian petrochemical products worth more than US $ 84 million between January and December 2024.

US State Department announced the sanctions on Wednesday

Global Industrial Chemicals Limited is alleged to have purchased Iranian petrochemicals, including methanol, worth more than US$51 million between July 2024 and January 2025. Jupiter Dye Chem Private Limited allegedly imported Iranian products, including toluene, worth more than US$49 million during the same period. Ramniklal S Gosalia & Co. is alleged to have purchased Iranian petrochemicals, including methanol and toluene, worth more than US$22 million. Persistent Petrochem Private Limited allegedly imported Iranian petrochemicals, particularly methanol, worth about US$14 million between October and December 2024. Kanchan Polymers is said to have purchased Iranian polyethylene products worth more than US$1.3 million. Also Read: Defense trade between India and Russia, which irritated Donald Trump... imposed 25% tariff Under the sanctions, all assets of these companies in the US or controlled by US citizens have now been frozen. US individuals and companies are prohibited from doing business with sanctioned entities. The action also bans any entity that is 50 percent or more owned by sanctioned companies. The sanctions come at a time when the US continues its maximum pressure campaign against Iran. The US is targeting Iranian oil and intermediary companies that help transport Iranian oil and petrochemicals around the world. US officials say Iran uses the proceeds from oil and petrochemical exports to fund destabilizing activities in the Middle East and support terrorist groups, as stated in Washington. India has historically maintained trade relations with Iran, although it has significantly reduced Iranian oil imports since 2019 following the last US sanctions. Sanctioned companies can petition to be removed from the US Treasury Department's list of Specially Designated Nationals. The US government says the ultimate goal of sanctions is not to punish, but to bring about positive change in behavior.

Summary

According to a fact sheet shared by the US State Department, companies that wish to challenge their designation can file a petition with the Treasury Department's Office of Foreign Assets Control. The sanctions also target companies in Turkey, the United Arab Emirates, China and Indonesia.