US sanctions four India-based firms over Iran trade
The United States has sanctioned four India-based companies over alleged purchases and handling of Iranian petroleum and petrochemical products, extending Washington’s new economic pressure campaign against Tehran to businesses operating in India.
The companies named are Portease Partners LLP, Sadashiva Overseas Limited, PP Softtech Private Limited and Prakrutees Infra Impex India Private Limited. Three individuals associated with the businesses — Indrismiya Ashrafmiya Sheikh, Harish Ramachandra Rangi and Prashant Garg — have also been targeted.
The measures form part of “Operation Economic Outcast”, a broad sanctions drive announced by the administration of President Donald Trump to restrict revenue available to Iran and increase the cost for foreign companies continuing commercial dealings with Tehran.
Sadashiva Overseas Limited was accused of importing about $69 million worth of Iranian-origin petroleum products from several companies between February 2024 and June 2025. The transactions included purchases involving Bonjoure Commodity FZE, an entity already subject to US sanctions.
PP Softtech Private Limited allegedly imported about $25 million worth of Iranian-origin petroleum products between January 2024 and June 2025. Its director, Prashant Garg, was separately designated as part of the action.
Prakrutees Infra Impex India Private Limited was accused of importing roughly $25 million of Iranian petroleum products from several suppliers between May 2023 and February 2026.
Portease Partners LLP, described as a customs broker, allegedly facilitated multiple shipments of Iranian petrochemical products into India. Its designated partners Sheikh and Rangi were included in the sanctions action because of their roles in the company.
Washington said the companies knowingly engaged in significant transactions involving the purchase, acquisition, sale, transport or marketing of petroleum or petroleum products originating in Iran. The designations were made under existing executive authorities governing sanctions on Iran’s energy sector.
The action potentially restricts the targeted businesses’ access to the US financial system and freezes property or interests in property falling within US jurisdiction. Companies dealing with designated entities can also face heightened compliance scrutiny from international banks, insurers, shipping companies and commodity traders.
The inclusion of India-based businesses comes as Washington expands pressure beyond companies directly operating in Iran and focuses increasingly on overseas intermediaries that facilitate trade, shipping, payments and procurement.
Operation Economic Outcast has targeted close to 60 individuals, companies and vessels across several jurisdictions. The wider campaign covers Iran-linked petroleum trading, maritime networks, military procurement, missile-related activity and other channels Washington says generate or move funds for Tehran.
The administration has also warned governments and private businesses that continued economic engagement with Iran could expose them to secondary sanctions. Such measures allow Washington to penalise foreign entities even when transactions do not directly involve US companies or citizens, particularly when dealings involve designated sectors or sanctioned counterparties.
The latest strategy represents an intensification of economic pressure after months of disruption to energy markets and shipping around the Gulf. Iranian crude exports have already fallen sharply from levels recorded before the conflict, while restrictions around the Strait of Hormuz and greater scrutiny of tanker movements have complicated Tehran’s ability to reach overseas buyers.
China remains the largest destination for Iranian crude, although volumes have declined substantially under tighter enforcement and shipping constraints. Independent refiners have historically accounted for much of the trade, often using intermediaries, alternative payment arrangements and complex shipping structures.
India had largely stopped direct purchases of Iranian crude after US sanctions waivers expired in 2019, although trade in other products and humanitarian goods continued. The latest designations illustrate Washington’s increasing focus on identifying petroleum-origin transactions further down the trading chain rather than concentrating only on direct crude imports.
The measures could prompt additional compliance reviews among India-based commodity traders, customs brokers, shipping agents and financial institutions handling international payments. Businesses involved in petroleum products may face greater demands to document product origin, suppliers, beneficial ownership and payment routes before banks or insurers approve transactions.
The companies named are Portease Partners LLP, Sadashiva Overseas Limited, PP Softtech Private Limited and Prakrutees Infra Impex India Private Limited. Three individuals associated with the businesses — Indrismiya Ashrafmiya Sheikh, Harish Ramachandra Rangi and Prashant Garg — have also been targeted.
The measures form part of “Operation Economic Outcast”, a broad sanctions drive announced by the administration of President Donald Trump to restrict revenue available to Iran and increase the cost for foreign companies continuing commercial dealings with Tehran.
Sadashiva Overseas Limited was accused of importing about $69 million worth of Iranian-origin petroleum products from several companies between February 2024 and June 2025. The transactions included purchases involving Bonjoure Commodity FZE, an entity already subject to US sanctions.
PP Softtech Private Limited allegedly imported about $25 million worth of Iranian-origin petroleum products between January 2024 and June 2025. Its director, Prashant Garg, was separately designated as part of the action.
Prakrutees Infra Impex India Private Limited was accused of importing roughly $25 million of Iranian petroleum products from several suppliers between May 2023 and February 2026.
Portease Partners LLP, described as a customs broker, allegedly facilitated multiple shipments of Iranian petrochemical products into India. Its designated partners Sheikh and Rangi were included in the sanctions action because of their roles in the company.
Washington said the companies knowingly engaged in significant transactions involving the purchase, acquisition, sale, transport or marketing of petroleum or petroleum products originating in Iran. The designations were made under existing executive authorities governing sanctions on Iran’s energy sector.
The action potentially restricts the targeted businesses’ access to the US financial system and freezes property or interests in property falling within US jurisdiction. Companies dealing with designated entities can also face heightened compliance scrutiny from international banks, insurers, shipping companies and commodity traders.
The inclusion of India-based businesses comes as Washington expands pressure beyond companies directly operating in Iran and focuses increasingly on overseas intermediaries that facilitate trade, shipping, payments and procurement.
Operation Economic Outcast has targeted close to 60 individuals, companies and vessels across several jurisdictions. The wider campaign covers Iran-linked petroleum trading, maritime networks, military procurement, missile-related activity and other channels Washington says generate or move funds for Tehran.
The administration has also warned governments and private businesses that continued economic engagement with Iran could expose them to secondary sanctions. Such measures allow Washington to penalise foreign entities even when transactions do not directly involve US companies or citizens, particularly when dealings involve designated sectors or sanctioned counterparties.
The latest strategy represents an intensification of economic pressure after months of disruption to energy markets and shipping around the Gulf. Iranian crude exports have already fallen sharply from levels recorded before the conflict, while restrictions around the Strait of Hormuz and greater scrutiny of tanker movements have complicated Tehran’s ability to reach overseas buyers.
China remains the largest destination for Iranian crude, although volumes have declined substantially under tighter enforcement and shipping constraints. Independent refiners have historically accounted for much of the trade, often using intermediaries, alternative payment arrangements and complex shipping structures.
India had largely stopped direct purchases of Iranian crude after US sanctions waivers expired in 2019, although trade in other products and humanitarian goods continued. The latest designations illustrate Washington’s increasing focus on identifying petroleum-origin transactions further down the trading chain rather than concentrating only on direct crude imports.
The measures could prompt additional compliance reviews among India-based commodity traders, customs brokers, shipping agents and financial institutions handling international payments. Businesses involved in petroleum products may face greater demands to document product origin, suppliers, beneficial ownership and payment routes before banks or insurers approve transactions.