Washington, July 31: Six Indian companies are under the radar of the US Department of State. Their fault? They “engage in Iranian petroleum, petroleum products, or petrochemical trade”. This reportedly violates American sanctions under Executive Order 13846. The US claims that the Iranian regime uses revenue to fuel conflict in the Middle East, fund terrorism, and oppress its people.In a statement, the US Department of State spokesperson said, “The Iranian regime continues to fuel conflict in the Middle East to fund its destabilising activities. Today, the United States is taking action to stem the flow of revenue that the regime uses to support terrorism abroad, as well as to oppress its own people.”
6 Indian Companies Sanctioned By US are
Alchemical Solutions Private Limited, Global Industrial Chemicals Limited (Global Industrial), Ramniklal S Gosalia And Company (Ramniklal), Jupiter Dye Chem Private Limited (Jupiter Dye Chem), Persistent Petrochem Private Limited and Kanchan Polymers.
All these Indian firms have been designated under section 3(a)(iii) of Executive Order 13846 for “knowingly engaging” in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran.
Under the sanctions, all property and interests in property of these companies in the US or under the control of US persons are blocked. The sanction also blocks an entity or company which is 50 per cent or more owned by a person or company that is already blocked.
All transactions by US persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorised by a general or specific license issued by OFAC or exempt. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person,” the Department said.
The US Department of State clarified that the goal of sanctions is “not to punish, but to bring about a positive change in behavior.”