The US Treasury has targeted four India-based companies accused of handling Iranian petroleum and petrochemical imports worth millions of dollars, including one firm linked to shipments valued at about $69 million.
BY PC Bureau
August 26, 2026: The United States has imposed sanctions on four India-based companies and three Indian nationals, accusing them of facilitating Iran’s efforts to sell oil and petrochemical products. The US action is part of Washington’s newly launched “Operation Economic Outcast,” an intensified campaign aimed at cutting off revenue streams to the Iranian government.
The companies targeted are Portease Partners LLP, Sadashiva Overseas Ltd, PP Softtech Pvt Ltd, and Prakrutees Infra Impex India Pvt Ltd. The three individuals designated by the US Treasury are Harish Ramchandra Rangi and Indrismiya Ashrafmiya Shekh, both partners at Portease, and Prashant Garg, associated with PP Softtech.
According to US officials, Portease, a customs brokerage firm, facilitated the entry of Iranian petrochemical shipments into India. Sadashiva Overseas is accused of importing Iranian petroleum products valued at approximately $69 million, while PP Softtech and Prakrutees Infra are alleged to have handled imports worth about $25 million each.
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The Treasury said all seven were designated for knowingly engaging in “significant transactions” involving the purchase, sale, transport or marketing of Iranian petrochemical products. They were among 60 individuals, companies and vessels targeted in coordinated sanctions announced by Washington on Monday.
Separately, the United States has warned countries that continue to conduct business with Iran that they could face penalties, although Washington has indicated that no immediate action against them is planned.
At the same time, the US has begun redeploying personnel to some diplomatic missions in the Middle East that had previously been evacuated or scaled back. The move suggests that Washington currently assesses the risk of a major military escalation with Iran to have eased, even as it intensifies economic pressure on Tehran.
The measures are also likely to put additional scrutiny on India-based traders and intermediaries involved in Iran-related energy commerce. While the sanctions are directed at specific entities and individuals, their broader impact could extend to banks, shipping companies, insurers, customs brokers and other service providers that handle transactions connected to Iranian petroleum and petrochemical exports.
