U.S. sanctions four India-based firms over Iranian oil imports

The U.S. sanctioned four India-based companies for importing Iranian petroleum and petrochemical products, part of a new campaign announced Monday to cut off Iran's revenue sources. Treasury Secretary Scott Bessent unveiled 'Operation Economic Outcast' on August 24, 2026, targeting entities doing business with Tehran. The sanctioned firms include customs broker Portease Partners LLP and three others, with imports totaling approximately $119 million. The State Department said the companies knowingly engaged in significant petroleum transactions from Iran. Officials described the actions as targeting destabilizing activities, including attacks on U.S. forces and energy sales funding terrorism globally.