The announcement of a 25 per cent tariff on India has stirred up the entire South Asia including New Delhi. After which news came that America has banned India’s companies. The administration of US President Donald Trump has banned six Indian companies for significant sales and purchases of Iranian origin petrochemical products. There has been a reaction from India regarding America’s move. External Affairs Ministry spokesman Randhir Jaiswal said that on the announcement of the US -based ban on Indian companies with Iran, Foreign Ministry spokesman Randhir Jaiswal said that we have paid attention to the restrictions and we are considering it. On the statement of US President Donald Trump that India could buy oil from Pakistan one day, he said that I do not have to comment in this matter.
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Ban on 6 Indian companies
The Trump administration has banned 6 Indian companies for the purchase and sale of petrochemical products from Iran. The US State Department said that these companies have sold and procured in significant amounts of petrochemical products of Iranian origin, which provides financial help to Iran’s terrorist activities. According to the US, Indian companies made millions of dollars transactions in methanol, polyethylene, tolune and other petrochemical derivatives of Iranian origin. Among the companies whose names have been revealed, Alchemical Solutions Private Limited is accused of importing Iranian petrochemicals worth more than $ 84 million between January and December 2024. Now these companies have been banned on all American properties and any transaction with American citizens or companies has been banned. These restrictions will also apply to all the subsidiaries that have 50 percent or more stake of these companies.
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Which companies were banned
1. Alchemical Solutions Private Limited: 84 million dollars (January-December 2024)
2. Global Industrial Chemicals Limited: $ 51 million (July 2024-January 2025)
3. Jupiter Die Cam Private Limited: $ 49 million (July 2024-January 2025)
4. Ramniklal S Gosalia & Company: 22 million dollars
5. Persistant Petrochem Private Limited: $ 14 million (October-December 2024)
6. Kanchan Paulmers: $ 1.3 million