US sanctions four India-based firms under Operation Economic Outcast for Iranian petroleum trade

The United States on 24 August 2026 sanctioned four India-based companies and three Indian nationals for their roles in importing petroleum and petrochemical products from Iran. The designations form part of Operation Economic Outcast, announced by Treasury Secretary Scott Bessent.

According to the State Department release, Portease Partners LLP, a customs broker, facilitated multiple shipments of Iranian petrochemical products to India. Its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi, both Indian nationals, were also designated.

Sadashiva Overseas Limited imported approximately $69 million worth of Iranian-origin petroleum products from multiple companies, including the previously designated Bonjoure Commodity F.Z.E., between February 2024 and June 2025.

PP Softtech Private Limited imported about $25 million in Iranian-origin petroleum products between January 2024 and June 2025. Its director Prashant Garg, an Indian national, was listed as well.

Prakrutees Infra Impex Private Limited imported Iranian-origin petroleum products valued at $25 million from multiple companies, again including Bonjoure Commodity F.Z.E., between May 2023 and February 2026.

The companies were designated for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport or marketing of petroleum or petroleum products from Iran. State Department spokesperson Tommy Pigott said the action targets entities enabling the Iranian regime's destabilising activities, including attacks against US forces and allies, illicit weapons procurement, cyber intrusions and the movement of energy products that fund terrorism.

Operation Economic Outcast expands secondary sanctions into aviation, digital assets, gold, shipping and technology. Bessent framed the package as an economic D-Day intended to isolate Iran by threatening countries and companies that continue business with Tehran. The United States has warned trading partners, including India, to cut economic ties or face consequences that could include exclusion from the dollar system.

India has long imported Iranian oil under various arrangements, though volumes have fluctuated with sanctions pressure. The latest designations focus on specific private entities rather than a blanket measure against Indian trade. No official Indian government response was issued on 25 August, but the firms now face asset freezes and transaction bans under US jurisdiction.

The timing coincides with broader US efforts to tighten enforcement after earlier rounds of sanctions. Iran has vowed retaliation, while its Persian Gulf Strait Authority blacklisted 45 tankers for rule violations. For the Indian companies named, the practical effect is immediate loss of access to US financial channels and heightened compliance risk for any partners still dealing with them.

Whether the designations prompt wider secondary pressure on other Indian importers or remain limited to these four cases will depend on future enforcement actions. The public record so far lists only these entities and the stated dollar values of the transactions.