US imposes sanctions against 6 Indian companies over Iran oil trade
Apart from targeting at least half a dozen Indian firms, the US Department of State imposed sanctions against 20 entities based in Turkey, the UAE, China, and Indonesia.
'The Department of State is imposing sanctions on 20 entities for their involvement in the trade of Iranian petroleum, petroleum products, or petrochemical products and is identifying 10 vessels as blocked property,' a US government statement said on Thursday.
Also Read: 'PM Modi a friend of mine, but…': What Donald Trump said on 25% US tariff bomb
The state department said that the sanctions targeted a terminal operator, vessel management companies, and wholesale buyers that facilitated the export and purchase of Iranian crude oil, petroleum products, and petrochemical products.
The sanctioned companies's list include some of the country's major petrochemical traders. While Alchemical Solutions Private Limited faces the allegations of importing Iranian petrochemical products, Global Industrial Chemicals Limited is alleged to have purchased Iranian petrochemicals, including methanol, valued at over USD 51 million between July 2024 and January 2025.
Meanwhile, Jupiter Dye Chem Private Limited is accused of importing Iranian products, while Ramniklal S Gosalia and Company is accused of purchasing Iranian petrochemicals worth over USD 22 million, including methanol and toluene, according to ANI.
The state department said that multiple companies in India, the UAE, Turkey, and Indonesia are being designated for their significant sales and purchases of Iranian-origin petrochemical products.
The sanctions come as the US continues its "maximum pressure" campaign against Iran, targeting the country's "shadow fleet" of vessels and intermediary companies that help transport Iranian oil and petrochemicals globally, the report said.
US has said that Tehran uses revenue from oil and petrochemical exports to fund what US calls as "destabilising activities" in the Middle East and support for terrorist groups.
'As President Trump has said, any country or person who chooses to purchase Iranian oil or petrochemicals exposes themselves to the risk of U.S. sanctions and will not be allowed to conduct business with the United States,' the US state department statement said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
18 minutes ago
- Mint
Rivian loss bigger than expected on higher costs, lower credit income
Aug 5 (Reuters) - Rivian Automotive reported a higher-than-expected quarterly loss on Tuesday as disruption in supply of rare earth metals used to make parts of its electric vehicles raised costs and income from credits sold to traditional automakers dwindled. China's curbs on the export of heavy rare earth metals —essential components for motors — sharply increased material costs and disrupted supply chains, driving up the cost of EV production in the U.S. The company reported an adjusted loss per share of 80 cents for the second quarter, compared with analysts' average estimate of 65 cents, according to data compiled by LSEG. Rivian also flagged a bigger adjusted core loss this year, expecting it to between $2 billion and $2.25 billion, compared with $1.7 billion to $1.9 billion previously forecast. The company largely blamed a tapering in the value of U.S. regulatory credits for the higher loss estimate. President Donald Trump administration's elimination of penalties for automakers not meeting fuel economy standards has drastically reduced demand for regulatory credits, which companies like Rivian previously sold to traditional automakers to help them avoid emissions fines. The company delivered 10,661 vehicles in the second quarter, marking a 22% decline from the same period a year earlier, as Rivian limited production to prepare for its 2026 model year launch. Earlier this year, the company slashed its 2025 deliveries forecast to 40,000 to 46,000 vehicles from an initial 46,000 to 51,000, citing U.S. tariffs resulting in cost pressures that dampened demand. The company shut down its plant for a week in the second quarter and will pause production in the second half of 2025 to integrate key production elements and prepare for the R2 SUV launch next year. The $7,500 federal EV tax credit expires at the end of September, eliminating a key competitive advantage that has driven electric vehicle demand, but analysts anticipate a surge in third-quarter sales as consumers rush to purchase EVs before losing access to the incentive. Revenue for the second quarter stood at $1.3 billion, surpassing analysts' average estimate of $1.28 billion, according to data compiled by LSEG. Cash and cash equivalents were $4.81 billion at the end of the June-quarter, compared with $4.69 billion in the preceding three-month period. (Reporting by Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila)
Mint
18 minutes ago
- Mint
President of wealthy Switzerland rushes to Washington to try to avert steep US tariffs
GENEVA — After weeks of working with U.S. officials to try to avoid hefty tariffs on Swiss goods, negotiators from Switzerland got assurances that a deal was all but done. Swiss businesses vowed to pour tens of billions in investment in the United States in the coming years. Still, President Donald Trump said no to any special deal. Now a scramble is underway ahead of Thursday, the deadline for when the whopping 39% tariff on Swiss products announced last week goes into effect. Switzerland's President Karin Keller-Sutter and other top officials traveled to Washington on Tuesday to try to convince Trump that the measure — among the highest from the Trump administration — was too much and could cut profits for famed Swiss industries like chocolates and watchmaking. The new rate is over 2 1/2 times higher than the one on European Union goods exported to the U.S. and nearly four times higher than on British exports to the U.S. — raising questions about Switzerland's ability to compete with the 27-member bloc that it neighbors. Under the U.S. announcements from last Friday, the export duties imposed on Swiss companies will now only be surpassed by those on firms from Laos, Myanmar and Syria, which are facing 40-41% rates. Switzerland's case is a lesson in do's and don'ts of doing business with Trump. The thinking goes, if a rich country with economic might that excels in technology, pharmaceuticals and finance can't convince the U.S. president to scale back the high tariffs, who can? Trump himself seems to be focused on a single, high number: Switzerland's trade surplus in goods with the U.S. In an interview with CNBC on Tuesday, Trump alluded to a recent call he had with Keller-Sutter, saying 'the woman was nice, but she didn't want to listen' and that he had told her: 'We have a $41 billion deficit with you, Madame.' It was not immediately clear where that $41 billion figure came from. According to the U.S. Census Bureau, the U.S. ran a $38.3 billion trade imbalance on goods last year with Switzerland. That figure excludes exports of services. Keller-Sutter, who also serves as Switzerland's finance minister, has faced criticism in Swiss media over the last-ditch call with Trump before a U.S. deadline on tariffs expired Aug. 1, which some say appeared to make things worse. The 39% rate is even higher than the 31% on Swiss goods announced on Trump's 'Liberation Day' in early April — before the Swiss started negotiating with U.S. officials. The new figure took many Swiss business leaders by surprise. 'It's hard to negotiate when you're dealing with someone as unpredictable as Donald Trump,' said Ivan Slatkine, head of the Federation of Romandie Enterprises, which groups companies in the French-speaking part of Switzerland. 'We had a government that gave the impression the deal was done, it only awaited a signature from the president,' Slatkine told The Associated Press over the phone. 'We have the impression that we were punished, but we don't know why.' The United States is Switzerland's second-biggest trading partner after the EU, which nearly surrounds the Alpine country of more than 9 million. The Swiss government said Tuesday's trip was meant to 'facilitate meetings with the U.S. authorities at short notice and hold talks with a view to improving the tariff situation for Switzerland.' Swiss officials have argued that American goods face virtually zero tariffs in Switzerland, and the Swiss government says the wealthy Alpine country is the sixth-biggest foreign investor in the U.S. and the leading investor in research and development. Switzerland's powerful pharmaceutical industry — which promised tens of billions of investments in the U.S. in recent months amid the tariff worries — is exempt from the 39% rate. But Slatkine said the steep tariff level could be aimed to send Switzerland's Big Pharma — epitomized by Roche and Novartis — a message that it too could come under pressure. The trip comes a day after Switzerland's executive branch, the Federal Council, held an extraordinary meeting and said it was 'keen to pursue talks with the United States on the tariff situation,' according to a government statement. After consulting with Swiss businesses, the council said it had developed 'new approaches for its discussions' with U.S. officials and was looking ahead to continued negotiations. "Switzerland enters this new phase ready to present a more attractive offer, taking U.S. concerns into account and seeking to ease the current tariff situation," the council said. According to figures published by the Swiss Embassy in Washington, the U.S. has been Switzerland's most important goods export market since 2021, while Switzerland is the fourth most important export market for U.S. services — not goods. The bilateral trade volume in goods and services between Switzerland and the U.S. reached a total of $185.9 billion in 2023, the embassy says on its website. This article was generated from an automated news agency feed without modifications to text.
Time of India
an hour ago
- Time of India
‘Sugar prodn dips 23% in 7 yrs despite rise in cane acreage'
Lucknow: UP's sugarcane sector has witnessed an intriguing trend with sugar production by mills falling by almost 23% between 2017-18 and 2024-25, despite a substantial increase in cane acreage and productivity during the period. Industry sources attribute the dip to diversion of cane for Khandsari, low recovery and adverse weather conditions. Data released by the cane development department shows that the area under cane cultivation increased by almost 28% — from 22.99 lakh hectares in 2017-18 to 29.51 lakh hectares in 2024-25. Likewise, the productivity also increased from 79.19 tonnes per hectare to 83 tonnes per hectare, signifying a rise of around 5%. Even cane production went up from 1820.75 lakh tonnes (LT) to 2456.35 LT during the same period. The number of mills crushing cane also rose from 119 to 122, one of the highest in recent times. However, the sugar production dropped from 120.5 lakh tonnes in 2017-18 to 92.45 lakh tonnes in 2024-25, a fall of around 23%. In 2023-24, sugar production in the state was pegged at around 104.13 lakh tonnes. The cane crushing season in UP ended in June earlier this year. Yet, UP happens to be the biggest producer of sugar in the country, surpassing Maharashtra. The western state was the leading producer of sugar last year when it produced around 110 lakh metric tonnes of sugar. This, however, plunged below 90 LMT in 2024-25. Nationally, the total sugar production is estimated to be around 330 lakh tonnes. The fall in sugar production is largely attributed to the diversion of sugar from cane mills to Khandsari, a traditional, unrefined Indian sugar made from sugarcane juice. It's a natural sweetener that retains more nutrients and molasses than refined white sugar. According to an estimate, UP has around 250 Khandsari units, essentially established in parts of west and central UP. Industry sources said that cane growers diverted their produce to Khandsari units for quicker compensation compared to the one paid by the mills. The shift gained pertinence against the backdrop of the state govt keeping the State Advisor Price (SAP) for sugar at Rs 370 per quintal (for early variety) and Rs 360 per quintal for general variety. Another key reason behind the downturn in sugar production is adverse weather conditions — drought and excess rainfall — besides a drop in the quality of cane. Sources said that the cane recovery reduced from around 10.5% in 2017-18 to a little over 9.5% in current times.
