US Sanctions Four Indian Companies Under 'Operation Economic Outcast' to Cut Off Iran's Financial Lifelines

New Delhi: The US has imposed sanctions on four India-based companies and Indian nationals over their alleged involvement in the trade of Iranian oil and petrochemical products. The measures are part of ‘Operation Economic Outcast’.

The companies named are Portees Partners, Sadashiva Overseas, P.P. Softech and Prakruthi’s Infra Impex India. The US alleges that the entities knowingly and directly participated in transactions involving Iranian oil.

Indrismia Ashrafmia Shaikh and Harish Ramachandra Rangi, identified as partners in Portees Partners, have also been included on the sanctions list. Prashant Garg, director of PP Softtech Private Limited is also included in the list.

The US alleges that Sadashiva Overseas imported Iranian petroleum products worth $69 million between February 2024 and June 2025.

The measures are part of a broader US crackdown on Iran's trade partners.

The United States has announced sweeping sanctions under ‘Operation Economic Outcast’ aimed at cutting off Iran’s key sources of revenue and tightening the economic pressure on the country. US Treasury Secretary Scott Bessent said on Monday that Washington had launched what he described as an ‘Economic D-Day’ aimed at squeezing Iran financially.

As part of the new measures, sanctions have been imposed on around 60 individuals, entities and vessels linked to Iran. The US has also warned that countries continuing to trade with Iran could be cut off from the dollar-based financial system and face secondary sanctions. However, Washington has not specified which trading partners it intends to target or when the measures will take effect.

The sanctions primarily target networks that support Iran’s procurement of nuclear and missile technology, cyber activities and oil revenues. US President Donald Trump alleged that Iran was collapsing and facing one of the biggest humanitarian crises in its history.

Iran has warned that it will respond strongly if its economic or national interests are threatened. Iranian Parliament Speaker Mohammad Bagher Ghalibaf said the US was not currently in an economic position to prevent Iran from maintaining relations with other countries. He said no one would take Washington’s threats and “hollow words” seriously. Iran expects China and Russia to continue their relations with Tehran without yielding to US pressure.

Iran’s Oil Exports in the Crosshairs

Iran’s oil exports, its main source of revenue, are at the centre of the US measures. Traders, intermediaries, shipping companies and tankers involved in helping Iranian oil reach international markets have been brought under sanctions. The measures also target ‘shadow fleet’ shipping networks used to evade sanctions.

The US is seeking to dismantle networks that conceal the origin of Iranian oil by hiding vessel ownership and using intermediary companies.

Technology and Gold Also Targeted

Beyond oil, the sanctions extend to digital assets, technology, gold, aviation and shipping. The objective is to prevent Iran from obtaining the technology and equipment required for its military and strategic programmes.

China Poses a Challenge

Chinese companies that are major buyers of Iranian oil are a crucial factor in the US measures. However, major Chinese banks have not been directly targeted in the latest action. The move is seen as an attempt to prevent further escalation in Washington’s economic and trade tensions with Beijing.

Iranian oil imports by Chinese refineries have reportedly declined significantly. Imports that stood at around 1.57 million barrels per day in February fell to 534,000 barrels per day in August.

Furtehrmore, on Tuesday, following US' announcement of sanctions, China’s Foreign Ministry announced that it will “take all necessary measures” to safeguard its “own legitimate rights and interests” in the face of US sanction threats.

“Economic warfare and maximum pressure will not help resolve the issue; they will only further intensify tensions and conflicts, create spillover risks, disrupt the global economic and financial order,” ministry spokesperson Lin Jian said.

Trump Claims Mines Removed From Strait of Hormuz

Trump claimed that all sea mines planted by Iran in the Strait of Hormuz had been removed or neutralised. He also said he had warned Iran that the US would destroy ships and boats involved in laying new mines.

In a post on Truth Social, Trump claimed that the US was monitoring every part of the Strait of Hormuz as well as Iran’s three nuclear facilities.