US sanctions four India-based firms over Iranian oil trade

The US Treasury and State Department announced 'Operation Economic Outcast' on Monday, targeting entities across the globe that maintain commercial ties with Iran. The initiative represents an escalation in Washington's pressure campaign, with officials warning countries to sever economic relations with Tehran or face secondary sanctions.

Among those targeted are Portease Partners LLP, a customs broker, and two of its associates, Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi. According to the US State Department, the firms facilitated multiple shipments of Iranian petrochemical products into India, circumventing existing restrictions on trade with Iran.

US Treasury Secretary Scott Bessent characterised the operation as an unprecedented effort to block all potential revenue sources for Iran's government. The campaign significantly broadens the scope of secondary sanctions—penalties that can be imposed on countries, businesses, and organisations continuing to engage in commerce with Tehran.

The announcement underscores Washington's determination to enforce its Iran sanctions regime globally. It also signals heightened risks for Indian companies and intermediaries involved in trade with Iranian entities, as the US expands enforcement mechanisms to intercept transactions at customs and logistics levels.