US Treasury Secretary Scott Bessent speaks during a press conference to outline further sanctions against Iran, at the Treasury Department in Washington, D.C., U.S., on Monday
| Photo Credit:
EVELYN HOCKSTEIN
The US has sanctioned four India-based companies for their alleged involvement in importing Iranian petroleum and petrochemical products, as Washington expands its economic pressure on Tehran under a new campaign – Operation Economic Outcast – aimed at choking Iran’s finances.
India is keeping an eye on the development and waiting for more clarity on the sanctions that have been imposed, sources said. “It is not yet clear what kind of sanctions these are. The notification is awaited. The government would keep an eye on how the development plays out before deciding on its response,” a source tracking the matter told businessline.
The four Indian companies named by the US State Department are Portease Partners LLP, Sadashiva Overseas Ltd, PP Softtech Pvt Ltd and Prakrutees Infra Impex India Pvt Ltd. The US action also designated three Indian nationals associated with the companies – Indrismiya Ashrafmiya Shekh and Harish Ramchandra Rangi of Portease Partners, and Prashant Garg of PP Softtech.
Operation Economic Outcast’ is an “economic onslaught against Iran’s financial connections around the globe”, US Treasury Secretary Scott Bessent said while announcing the fresh package of measures on Monday against the country it has been at war with for almost six months.
Bessent warned that countries maintaining financial ties with Iran would risk isolation, while banks and businesses continuing to deal with Tehran could face similar consequences if they failed to sever those links.
“This is a sustained campaign to collapse every last option for Iran. Let there be no ambiguity as to the position of the US: An economic engagement of any kind with this murderous regime will expose those responsible to the full reach of American power,” Bessent said.
Responding to the new measures, Iranian Economy Minister Ali Madanizadeh said Tehran was fully prepared for the sanctions, which he said would lead to “another defeat” for the US.
India stopped purchasing oil from Iran and its trade in other goods, including agricultural commodities, too, started dwindling after the US began reimposing sanctions on Iran in August 2018, after President Donald Trump withdrew the US from the 2015 Iran nuclear deal (JCPOA) on May 8, 2018.
In FY26, India’s exports to Iran was at just $1.25 billion, comprising primarily of basmati rice and some other farm products and pharmaceuticals. Its imports from Iran were at about $375 million comprising small quantities of fruits, petroleum products and ores.
New Delhi is also handing over the operations of the Shahid Beheshti terminal at the Chabahar Port to the Iranian government following Washington’s refusal to extend the sanctions waiver that lapsed in April, sources said. It hopes to gain back control after the situation normalises.
China, meanwhile, formally opposed the latest US sanctions on Iran, with Foreign Ministry spokesman Lin Jian saying Beijing’s cooperation with Tehran is conducted within international law and should not be interfered with or undermined. He said China would take all necessary measures to safeguard its rights and interests.
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