US sanctions 8 Indian firms, 5 nationals for links to Iran’s shadow oil trade

In a sweeping crackdown on Iran’s global oil network, the United States on July 30 imposed sanctions on eight India-based companies and five Indian nationals for allegedly aiding the trade of Iranian oil, petrochemicals, and petroleum products in defiance of US sanctions.

The targeted entities are accused of being part of extensive international shipping and trading web tied to Mohammad Hossein Shamkhani — the son of senior Iranian official and Supreme Leader’s aide, Ali Shamkhani.

The US Department of State and the Treasury’s Office of Foreign Assets Control (OFAC) together sanctioned over 50 individuals and entities, designated 20 companies, and identified more than 60 vessels as part of the latest punitive action. The move is being billed as the largest sanctions package since the Trump administration’s “maximum pressure” campaign against Iran began.

Among the India-based firms sanctioned are Kanchan Polymers, Alchemical Solutions (Chemform Trading), Ramniklal S Gosalia and Company, Jupiter Dye Chem, Global Industrial Chemicals, and Persistent Petrochem — all named for allegedly importing Iranian-origin petrochemicals. Two more firms — Ensa Ship Management and Shreeji Gems — were blacklisted for their alleged links to Shamkhani’s maritime network.

OFAC also designated five Indian nationals:

• Mohamed Rafeek Habibullah (UAE-based), for his role in Iran’s petroleum sector;
• Jacob Kurian (Nigeria-based), and Anil Kumar Panackal Narayanan Nair (India-based), as shareholders/directors in Neo Shipping, a Marshall Islands firm with a vessel operated for Shamkhani’s network;
• Pankaj Nagjibhai Patel (UAE-based), a director at Shreeji Gems and an executive in multiple shipping entities tied to Shamkhani;
• Elyas Jafer Tambe (UAE-based), involved with several shipping companies under the Iranian regime’s network.

“The Iranian regime continues to fuel conflict in the Middle East to fund its destabilizing activities,” the US State Department said. “Today’s actions aim to stem the revenue flow that supports terrorism abroad and repression at home.”

Treasury Secretary Scott Bessent, emphasizing the breadth of the action, said, “The Shamkhani family’s shipping empire is a prime example of how Iran’s elite enrich themselves while sponsoring instability. These 115 sanctions — the largest since our pressure campaign began — make clear that the US will relentlessly target such corruption.”

The OFAC alleged that Mohammad Hossein Shamkhani had built “a massive fleet of tankers and containerships” by exploiting his father’s political clout, enabling the transport of sanctioned oil from both Iran and Russia. This network, according to Washington, rakes in tens of billions of dollars through shadow trade across global markets.

Indian entities and nationals have featured repeatedly in past rounds of sanctions. Last year, India-based Gabbaro Ship Services was sanctioned for alleged involvement in the transportation of Iranian oil. Earlier, three Indian shipping firms were blacklisted over alleged links to Russian LNG trade.

UAE-based Indian national Jugwinder Singh Brar and four of his firms were previously sanctioned for operating vessels on behalf of Iran’s National Oil Company and the Iranian military.

While the Indian companies named are relatively obscure and not major players in the domestic petrochemical sector, their growing presence in shadow maritime networks has drawn mounting US scrutiny.