Do you know why the US banned this indian company..?

The united states has imposed a ban on an indian company that has an agreement to buy petroleum and petroleum-related products from Iran. In a press release released by the US Treasury Department, several international companies, including the indian company, have imported millions of dollars worth of petroleum-related products through Iran's TriLance, especially methanol and oil. India-based petrochemical company Dibalji Petrochem Pvt Ltd along with a United Arab Emirates company and some companies in hong kong are also on the US sanctions list.
It is worth noting that india stopped oil trade with iran in 2019. This is because Donald Trump, the former President of the united states, had imposed economic sanctions on iran and had warned that companies doing business with iran would also be banned. Ever since the US withdrew from the nuclear deal, the two countries have been at odds.India also suspended oil trade with iran, agreeing to the US embargo. After that india bought oil from Saudi. Currently, russia is buying oil from russia at a concessional price amid the conflict between Ukraine. However, neither the concerned company nor the Ministry of External Affairs has issued any announcement regarding this. iran has also responded that it does not know the indian company's business.However, high-ranking officials said that the action of the united states was hostile and that the economic sanctions were illegal. It is expected that the US may have taken such action as part of its commitment to curb Iran's illegal oil and petrochemical sales.

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US banned indian company

Sowmiya Sriram

02/10/2022 10:58 AM