The United States has imposed economic sanctions on an Indian company for buying Iranian oil products. These items were reportedly shipped to China.
Mumbai-based Tibalaji Petrochem was among a group of companies, including some from the United Arab Emirates and Hong Kong, to be targeted by the sanctions..
“Tibalaji…is the first Indian entity to face…unilateral sanctions passed in 2018-19, following the US Trump administration’s decision to abandon the nuclear deal…with Iran,” The Hindu. reported today. “…Modi’s government has agreed to end all oil imports from Iran in 2019, which accounted for around 11% of India’s intake, rather than face sanctions.”
Notably, the sanctions were reported a day after Indian Foreign Minister S Jaishankar returned from the US.
According to reports, Tibalaji had He purchased millions of dollars worth of petrochemical products, including methanol and base oil, from Triliance, an Iranian company that brokers the sale of Iranian products to foreign buyers, for onward shipment to China.
The US sanctions on Tibalaji over its deals with Iran come amid India’s booming bilateral trade, mainly based on crude oil, with Russia, another country that has been facing Western sanctions since launching its invasion of Ukraine. at the beginning of this year.