US cracks down on 4 Indian companies in sweeping ‘Operation Economic Outcast’ over Iran oil imports

The United States has imposed sanctions on four Indian companies for their involvement in importing petroleum and petrochemical products from Iran, as part of a broad "Operation Economic Outcast," according to a statement from the US State Department. US Treasury Secretary Scott Bessent announced the sanctions on Monday (August 26), highlighting the strategy's aim to cripple Iran's financial resources.

Bessent emphasized the potential for secondary sanctions, increasing penalties for any nation, company, or group engaging in trade with Tehran. The four Indian entities targeted are customs broker Portease Partners LLP, along with its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi. These firms facilitated the import of multiple shipments of Iranian petrochemical products to India.

Additionally, Sadashiva Overseas Limited, PP Softtech Private Limited (director Prashant Garg), and Prakrutees Infra Impex Private Limited are also subject to US action. Indian nationals Sheikh, Rangi, and Garg were involved in these transactions. The State Department stated that Sadashiva Overseas imported Iranian-origin petroleum products amounting to approximately $119 million, triggering the sanctions.