US’ ‘Operation Economic Outcast’ includes four India-based companies over alleged Iran links

WASHINGTON: The United States has sanctioned four India-based companies over their alleged involvement in Iran-related petroleum and petrochemical trade and procurement networks, according to a release by the US State Department.

The designations were announced as part of the latest round of US sanctions targeting entities allegedly linked to Iran’s military activities, procurement networks, and petroleum and petrochemical trade under what the State Department described as “Operation Economic Outcast”.

The State Department claimed that “PORTEASE PARTNERS LLP (PORTEASE)” facilitated the import of multiple shipments of Iranian petrochemical products to India. It added, “INDRISMIYA ASHARAFMIYA SHEKH (INDRISMIYA) is an Indian national and a designated partner of PORTEASE. HARISH RAMCHANDRA RANGI (HARISH) is an Indian national and a designated partner of PORTEASE.”

The State Department claimed that SADASHIVA OVERSEAS LIMITED (SADASHIVA OVERSEAS) is an India-based company that imported approximately USD 69 million worth of Iranian-origin petroleum products from multiple companies, including US-designated BONJOURE COMMODITY F.Z.E., between February 2024 and June 2025.

Specially Designated Nationals (SDN) – Treasury Department added: FARAHI, Seyyed Mahdi, and BLAGH, Keyvan Fayyaz Gareh, and BALUJEH, Saber Shahbazi, and KADKHODA’I, Mohammad Reza, and GHAL’EH-KUHI, Mojtaba, and KAHZADIAN, Arman, and SIFRA SHIPPING COMPANY, and SIFRA, and VIENNA

— OFAC & CSL Tracker (@OFAC_Tracker) August 24, 2026

The release mentioned, “SADASHIVA OVERSEAS is being designated pursuant to section 3(a)(ii) of E.O. 13846 for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran.”

Another company that the US claimed was involved in the import of Iranian-origin petroleum products was PP SOFTTECH PRIVATE LIMITED (PP SOFTTECH).

The State Department said, “PP SOFTTECH PRIVATE LIMITED (PP SOFTTECH) is an India-based company that imported approximately $25 million worth of Iranian-origin petroleum products between January 2024 and June 2025. PRASHANT GARG is an Indian national and a director of PP SOFTTECH.”

The fourth entity mentioned in the release was PRAKRUTEES INFRA IMPEX INDIA PRIVATE LIMITED, which the State Department claimed imported Iranian-origin petroleum products valued at $25 million from multiple companies.

“(PRAKRUTEES INFRA) is an India-based company that imported Iranian-origin petroleum products valued at $25 million from multiple companies, including U.S.-designated BONJOURE COMMODITY F.Z.E., between May 2023 and February 2026,” it said.
https://www.state.gov/releases/office-of-the-spokesperson/2026/08/United-States-Implements-Operation-Economic-Outcast-with-Sanctions-Targeting-Irans-Military-Activities-and-Procurements-and-Petroleum-and-Petrochemical-Product-Traders-fact-sheet
The latest announcement is part of Washington’s broader efforts to restrict Iran’s petroleum revenues and disrupt networks that the US alleges facilitate Iranian military and procurement activities. There has so far been no comment from the companies on the US announcement. (ANI)