US lists four Indian firms and three nationals for $119 million Iran oil trade

The United States has sanctioned four India-based companies and three Indian nationals for what it says was about $119 million of Iranian-origin petroleum and petrochemical trade, as part of the Trump administration's Operation Economic Outcast campaign.

The designations were published with the wider Iran package announced by Treasury Secretary Scott Bessent. They sit under Executive Order 13846, which targets significant transactions in Iranian oil and petrochemicals after 5 November 2018.

The four companies and the three names

Sadashiva Overseas Limited is the largest file. The US Treasury says the firm imported about $69 million of Iranian-origin petroleum products between February 2024 and June 2025. Some of those cargoes, Washington says, were linked to Bonjoure Commodity FZE, a company already on the US list.

PP Softtech Private Limited and Prakrutees Infra Impex India Private Limited were each accused of importing about $25 million of Iranian-origin petroleum products. Together with Sadashiva, those three accounts make up the $119 million figure used in the US materials. The fourth firm, Portease Partners LLP, is a customs broker. The State Department says it facilitated multiple shipments of Iranian petrochemical products into India and is designated under section 3(a)(iii) of the same order.

Three Indian nationals were listed with the firms. Prashant Garg is identified as a director of PP Softtech. Indrismiya Asharafmiya Shekh and Harish Ramchandra Rangi are identified as partners in Portease. Their assets in US jurisdiction are blocked. US persons are barred from dealing with them.

What New Delhi has said so far

The Indian government said it is monitoring the action and waiting for details on the scope of the listings before it responds. India does not accept US secondary sanctions as binding on its own companies. It has, in past Iran rounds, tried to keep a legal channel for crude and for rupee settlement while asking firms to stay off designated vessels and front companies.

This listing is narrower than a country-level oil ban and sharper than a press warning. It names Indian importers and a broker, attaches dollar figures to invoices, and ties one of the supply lines to a firm already blacklisted. That is how secondary sanctions are meant to work: make the next bank, shipowner or insurer treat the Indian counterparty as radioactive.

How this differs from the wider Outcast package

Bessent described Operation Economic Outcast as a financial offensive against Iran's remaining revenue, covering shipping, aviation, gold, technology and digital assets as well as oil. More than 60 entities, people and vessels were named in the first wave. The four Indian firms are the part of that wave that lands inside Indian company law and Indian customs sheds.

Iranian crude and products have moved through a grey fleet for years. The new element is the public invoice total, $119 million, and the decision to list a customs broker rather than only tankers and traders. Brokers sit at the point where a cargo becomes an Indian import entry. If that node is designated, the next similar shipment has to find another broker who is willing to take the same risk.

The open question in New Delhi is whether these four names are a warning shot at a small set of traders or the start of a longer trawl through Indian import data. Until the government publishes its own account of the cargoes, the US figures are the only numbers on the table.