New Delhi: The US has taken major action against an Indian company for making a deal with Iran. The Biden government has imposed sanctions on eight companies from South and East Asia that buy petroleum and chemical products worth thousands of crores of rupees from Iran.
It also includes the name of a Mumbai-based Indian company named Tibalaji Petrochem Pvt Ltd.
This is the first time that an Indian company has been prosecuted on the charge of the US dealing with Iran.
The US Treasury Department has said that the US action has been taken on Iranian brokers and some companies in Hong Kong, UAE and India who were buying some petrochemical products even after the US ban on Iran.
Indian petro company Tibalaji is accused of buying petrochemical products worth crores of rupees through the banned Iranian broker company Trillions Petrochemical and Persian Gulf Petrochemical Industry Commercial through China.
The US has banned these two broker companies of Iran. The US Treasury Department has imposed sanctions on a total of eight companies, including an Indian company, for dealing with Iran. This includes companies from the UAE, China and Hong Kong.