Operation Economic Outcast: US imposes sanctions on four Indian companies

WASHINGTON: Following the announcement of 'Operation Economic Outcast', meant to economically cripple Iran, the United States imposed sanctions on four Indian companies and three Indian citizens. The action comes following allegations that they are involved in Iran's petroleum and petrochemical trade.

The US took action against the companies Portis Partners LLP, Sadashiva Overseas Limited, PP Softech Private Limited and Prakritis Infra Impex India Private Limited.

It is alleged that these companies were directly involved in the transactions of oil from Iran. Sanctions have also been imposed on the partners of Portis Partners company Harish Ramachandra Ranki, Indrismia Ashrafmia Sheikh and Prashant Garg of PP Softech.

The US said in a statement that the sanctions were imposed on Portis Partners, a customs broker, for facilitating the import of Iranian petrochemical products into India.

The sanctions were imposed on these individuals and companies for intervening in the purchase, acquisition, sale, transportation, or marketing of petrochemical products from Iran, the State Department said.

Meanwhile, Iran announced on Wednesday that it is fully prepared to retaliate against the US. Tehran stated that it has formulated a two-year plan to overcome economic pressure. China is Iran's largest trading partner. The UAE, Turkey, Iraq and India are next. The UAE had suspended trade with Iran in the wake of the missile attack.