U.S. Imposed Sanctions on Indian Companies for Alleged Oil Trade with Iran

SEATTLE (Oil Monster): Six Indian businesses have been sanctioned by the United States for allegedly engaging in the trading of Iranian petrochemical and petroleum goods. Twenty entities in all received sanctions.

Kanchan Polymers, Alchemical Solutions Private Limited, Global Industrial Chemicals Limited, Jupiter Dye Chem Private Limited, Ramniklal S. Gosalia and Company, and Persistent Petrochem Private Limited are the Indian businesses that have been sanctioned.

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The U.S. Department of State's sanctions will freeze the assets of these American-controlled companies. Doing business with American individuals and corporations will be prohibited for these companies. Any business in which the sanctioned entities own more than 50% of the stock will be subject to the sanctions.

Companies can submit petitions to the Treasury Department's Office of Foreign Assets Control if they want to contest the sanctions.

The Department of State stated in a press release that the goal of the sanctions is to influence corporations' behavior in a good way rather than punish them. It further stated that a number of corporations in the United Arab Emirates, Turkey, and Indonesia are being singled out for their substantial acquisitions and sales of petrochemical products of Iranian provenance.