US imposes sanctions on Indian company over alleged oil deal with Iran

America has taken major action against an Indian company on the charge of dealing with Iran. The Biden government has banned 8 companies from South and East Asia buying petroleum and chemical products worth thousands of crores from Iran. This also includes the name of a Mumbai based Indian company named Tibalaji Petrochem Pvt Ltd.

This is the first time that action has been taken against an Indian company on charges of dealing with Iran by the US. The US Treasury Department has told that US action has been taken against Iranian brokers and some companies in Hong Kong, UAE and India who were buying some petrochemical products even after US sanctions on Iran.

Indian petro company Tibalaji is accused of buying petrochemical products worth crores of rupees through China through banned Iranian broker company Trillions Petrochemical and Persian Gulf petrochemical industry commercial.

The US has banned both these broker companies of Iran (US Sanctions on Iran). The US Treasury Department has imposed sanctions on a total of eight companies, including an Indian company, for dealing with Iran. This includes companies from the UAE, China and Hong Kong.