Four India-based companies bear the brunt of U.S.’ Iran sanctions

The US has imposed new sanctions on Iran, aiming to block all potential sources of revenue for the country. According to US Treasury Secretary Scott Bessent, the sanctions, dubbed "Operation Economic Outcast", will unfold as a sweeping, slow-burn campaign that could eventually lock Iran's foreign enablers out of the US financial system.

The sanctions target over 60 Iran-linked entities, including individuals, companies, and shipping vessels, that allegedly aided Iran in generating oil revenues, procuring weapons, and conducting cyber operations. Some of these entities are based in India, although their names have not been specified in the reports.

The move is intended to sever Iran's remaining links to the global economy, with companies anywhere in the world that continue to trade with Tehran risking losing access to the dollar system. Iranian officials have responded with strong rhetoric, pledging to hit back with their own measures, while the country is already experiencing high inflation.

Brief written by urgent.news from The Hindu, France 24, Axios, Euronews, Straits Times Business — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.