4 India-based companies in US sanctions dragnet over Iran oil imports

The US has sanctioned four India-based companies for importing petroleum and petrochemical products from Iran, according to a press release by the US State Department.

US Treasury Secretary Scott Bessent on Monday announced 'Operation Economic Outcast', which essentially involved new sanctions that aim to block all potential sources of revenue for Iran.

The US has also told countries to cut economic ties with Tehran or face retaliation.

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 ...