Why has US imposed Iran-related sanctions on Indian company?

The US Treasury has named a Mumbai-based petrochemicals trading business firm -- Tibalaji Petrochem Private Limited -- part of an international network of eight entities accused of selling hundreds of millions of dollars worth of Iranian petrochemicals and petroleum products to end customers in South and East Asia.

It is likely the first time in recent years that US sanctions against Iran affect an Indian enterprise. The Treasury Department's decision comes only days after External Affairs Minister S Jaishankar traveled to the United States to meet with senior Biden Administration officials such as Secretary of State Antony Blinken and National Security Advisor Jake Sullivan.

What is the name of the corporation?

On September 29, the Department of the OFAC added eight new organizations to its list of Specially Designated Nationals. Tibalaji Petrochem Private Limited is one of them, according to a Department of the Treasury letter, and it is subject to secondary sanctions. The firm, founded in 2018, has an address in Mumbai's Bandra Kurla Complex, according to the listing.

What is the US accusation against the Indian firm?

According to September 29 announcement, Tibalaji Petrochem Private Limited, an India-based petrochemical business, has acquired millions of dollars in Triliance-brokered petrochemical goods, including methanol and base oil, for onward export to China.

FAQ

Where is Tibalaji Petrochem Private Limited based?
Tibalaji Petrochem Private Limited is based in Mumbai, India.

What is the OFAC?
The Treasury's Office of Foreign Assets Control implements and enforces economic and trade sanctions in support of the US national security and foreign policy goals.