US sanctions on 6 Indian companies

The United States has imposed sanctions on at least six Indian companies for their alleged involvement in the trade of Iranian petroleum and petrochemical products. Several Indian media outlets, including The Hindu, reported this information in a report today (July 31). The Hindu report said that a total of 20 companies around the world have been taken action under this move by the Trump administration. The US State Department said in a statement on Wednesday (July 30), that these Indian companies under sanctions have knowingly participated in significant transactions for the purchase and sale of Iranian petroleum products. In this, they violated US sanctions on Iran. Indian media outlet NDTV says that the Indian companies on which the US sanctions have been imposed are Alchemical Solutions, Jupiter Dye Chem, Global Industrial Chemicals, Ramniklal S. Gosalia & Company, Persistent Petrochem and Kanchan Polymers. The sanctions will block the assets and interests of these companies in the United States or anywhere controlled by US citizens. Affiliates that have a 50 percent or more ownership interest in them will also be subject to sanctions. The Trump administration said the move is aimed at cracking down on Iran’s “shadow fleet” and global middlemen who help transport Iranian petroleum and petrochemical products. In addition to imposing the sanctions, Trump also announced a 25 percent retaliatory tariff on Indian goods. The tariff will take effect from August 1. Trump also said that India will be punished for buying weapons and fuel from Russia. However, he did not specify what kind of punishment will be imposed.