The companies were named in the latest US sanctions action under Operation Economic Outcast, with Washington alleging their involvement in Iranian petroleum and petrochemical trade.

The United States has sanctioned four India-based companies as part of its latest pressure campaign against Iran, alleging that the firms were involved in petroleum, petrochemical trade and procurement networks linked to Tehran. The action comes under “Operation Economic Outcast”, a broader US effort to cut Iran's economic lifelines and disrupt networks that Washington says support its military and revenue-generating activities. 

The four India-based entities named by the US are Portease Partners LLP, Sadashiva Overseas Limited, PP Softtech Private Limited and Prakrutees Infra Impex India Private Limited. The US State Department has alleged that the companies were involved in importing Iranian-origin petroleum or petrochemical products into India. 

According to the US claims, Portease Partners facilitated the import of multiple shipments of Iranian petrochemical products into India. The department also identified two Indian nationals, Indrismiya Ashrafmiya Shekh and Harish Ramchandra Rangi, as designated partners of the firm. 

Four Indian Entities Named

The US alleged that Sadashiva Overseas imported approximately $69 million worth of Iranian-origin petroleum products from multiple companies between February 2024 and June 2025. Washington said the designation was made under an executive order covering significant transactions involving Iranian petroleum and petroleum products.

The sanctions announcement also named PP Softtech Private Limited, which the US said imported approximately $25 million worth of Iranian-origin petroleum products between January 2024 and June 2025. Prashant Garg, identified as an Indian national and director of the company, was also named in the announcement. 

The fourth company, Prakrutees Infra Impex India Private Limited, was accused by Washington of importing Iranian-origin petroleum products worth around $25 million between May 2023 and February 2026. The US said the products were sourced from multiple companies, including a firm already designated by Washington. 

Part of Wider Iran Campaign

The action against the Indian companies is part of a much larger US sanctions campaign. Treasury Secretary Scott Bessent announced Operation Economic Outcast on August 24, describing it as an effort to sever Iran's financial and commercial connections around the world. The wider measures target networks associated with Iran's petroleum revenues, military procurement and cyber activities. 

The campaign also expands pressure on sectors including digital assets, technology, gold, aviation and shipping, while the US has sanctioned dozens of individuals, entities and vessels in the latest round. Washington has warned that companies and financial institutions facilitating transactions that generate revenue for Iran could face further action.

India-Iran Trade Under Pressure

The latest designations could add another layer of uncertainty for Indian companies that maintain commercial links with Iran, particularly in energy and related trading sectors. India has historically maintained economic and strategic engagement with Iran, including connectivity and trade interests, while also managing its relationship with the United States.

The immediate US action, however, is directed at the four named entities and is based on allegations made by Washington. It should not be interpreted as a blanket sanction against Indian businesses or India-Iran trade as a whole.

Companies Yet to Respond

There was no immediate response from the four companies to the US announcement in the reports available at the time of publication. The allegations therefore remain those made by the US authorities, and the companies' positions have not yet been reported.

The development comes as Washington seeks to put greater pressure on Iran's international trade and financial networks. The US has also warned governments and businesses that continued dealings with Iranian entities could expose them to American sanctions.

For Indian businesses involved in Iran-related trade, the latest action underlines the growing sanctions and compliance risks surrounding transactions connected to Iranian petroleum and other targeted sectors.

Russia and Iran have significantly expanded the use of cryptocurrencies to conduct international trade, creating a parallel financial network that operates outside the conventional global banking system. According to blockchain analytics firm Chainalysis, Russia, Iran and North Korea collectively carried out cryptocurrency transactions worth nearly ₹9.92 lakh crore (around $120 billion) in 2025, marking an eight-fold increase compared to the previous year.

The report suggests that the growing use of digital assets is helping the sanctioned nations continue cross-border trade despite restrictions imposed by Western financial institutions. The cryptocurrency ecosystem is reportedly being used not only for commercial transactions but also for payments related to oil exports, military equipment, drone technology and other strategic goods.

Alternative to Traditional Banking

With access to global payment networks becoming increasingly restricted due to international sanctions, Russia and Iran have accelerated efforts to establish alternative financial channels.

Russia has introduced a ruble-backed digital token known as A75, allowing businesses to convert rubles into cryptocurrency for overseas transactions. According to available data, the network had processed transactions worth more than ₹11.4 lakh crore by May 2026 through over 41,000 accounts and nearly 2.5 lakh transfers.

Analysts believe the initiative provides Russian businesses with a mechanism to continue international payments while reducing dependence on traditional banking systems such as SWIFT.

Iran Expands Crypto-Based Oil Payments

Iran has also integrated cryptocurrency into its foreign trade strategy, particularly in the energy sector. Reports indicate that domestic cryptocurrency exchanges have become an alternative channel for settling payments related to oil exports and international trade.

According to analysts cited in the report, cryptocurrency has evolved into a long-term financial infrastructure that enables Iran to conduct overseas transactions despite economic sanctions. Digital wallets and blockchain-based transfers are increasingly being used for cross-border settlements.

North Korea Linked to Crypto Theft

The report also highlights North Korea's continued reliance on cybercrime to generate cryptocurrency assets.

According to available estimates, North Korean hackers allegedly stole cryptocurrency worth nearly ₹20,000 crore during 2025. One of the largest incidents reportedly occurred in February when the Lazarus Group was linked to the theft of digital assets worth approximately ₹14,310 crore from cryptocurrency exchange Bybit.

US authorities have previously accused North Korean cyber groups of targeting cryptocurrency platforms to generate funds for the country's strategic programmes. The FBI has linked several such cyber operations to networks operating on behalf of the North Korean regime.

Money Laundering Networks Under Scrutiny

The report further claims that organised money-laundering networks connected to China are facilitating large-scale cryptocurrency transactions for sanctioned entities.

Chainalysis estimates that these networks process nearly ₹4,200 crore worth of illicit funds every day, operating under a so-called "laundering-as-a-service" model. During 2025 alone, the value of allegedly laundered cryptocurrency reportedly crossed ₹1.54 lakh crore.

Investigators believe such networks help obscure the origin of funds and enable transactions involving sanctioned countries and criminal organisations.

Fake Remote Jobs Used to Access Crypto Firms

Another emerging concern highlighted in the report involves operatives allegedly using fake identities, AI-generated documents and deepfake video interviews to secure remote jobs in cryptocurrency and technology companies across multiple countries.

The report estimates that these operations generated approximately ₹26,700 crore over the past two years. In several cases, local facilitators allegedly established shell firms to make remote employees appear to be working legally within their respective jurisdictions.

Growing Regulatory Concerns

The rapid expansion of cryptocurrency-based trade among sanctioned nations has intensified concerns among governments and financial regulators worldwide. Experts warn that while blockchain technology offers legitimate financial innovation, it can also be exploited to circumvent sanctions, conceal financial flows and facilitate illicit trade if oversight remains inadequate.

As geopolitical tensions continue to reshape global finance, the increasing use of digital assets by sanctioned economies is expected to remain a key focus for regulators, intelligence agencies and international financial institutions.

Trump says Iran conflict will end “very quickly”; Senate moves to curb war powers

President reiterates goal to block Iran’s nuclear capability as Senate advances resolution limiting military action

President Donald Trump said on Tuesday the United States will bring the conflict with Iran to a swift close, while the Republican-led Senate took the rare step of advancing a War Powers Resolution designed to prevent prolonged military operations without explicit congressional approval.

Speaking at a White House event attended by lawmakers and aides in the late morning, Trump portrayed Tehran as anxious for a deal and said US forces would stop Iran from acquiring a nuclear weapon. “They want to make a deal so badly; they’re tired of this,” he said, adding that US pressure would continue until objectives were met. “We’ve done a hell of a good job… we’re going to be finished with that very quickly,” he said.

Senate moves

In Congress, senators voted to advance a measure that would curtail the president’s ability to conduct sustained military action against Iran without congressional authorisation. The procedural vote marked an unusual assertion of legislative oversight at a time of heightened tensions between Washington and Tehran.

According to Capitol Hill aides, the resolution could still face amendments and is likely to be the subject of tough partisan debate as supporters frame it as a defence of constitutional checks and balances, while opponents argue it could constrain rapid response options for commanders in the field.

Iran’s response

In Tehran, Foreign Minister Abbas Araghchi warned that any renewed conflict would “feature many more surprises,” posting on X (formerly Twitter) that Iran was prepared for escalation. Araghchi cited reporting he said showed dozens of US aircraft damaged or lost since strikes began in February and claimed Iranian forces were the first to down an F-35 — an assertion that has not been independently verified by third-party military analysts.

“Months after initiation of war on Iran, US Congress acknowledges loss of dozens of aircraft worth billions,” he wrote, invoking a Congressional Research Service document. Iranian state media amplified the remarks, underscoring Tehran’s effort to project resilience amid growing international concern.

Regional flare-ups

The broader region saw several security flashpoints overnight. Israeli aircraft struck towns in southern Lebanon, local media reported, while Israel said it intercepted a Gaza-bound flotilla and transferred 430 activists to Israeli vessels after an interception at sea. The US also announced a fresh round of sanctions targeting Iranian-linked currency exchange houses, front companies and a fleet of vessels accused of enabling Tehran to skirt restrictions and fund regional activities.

South Korea, meanwhile, said it held “serious discussions” after a South Korean-operated ship, the HMM Namu, was attacked in the Strait of Hormuz on May 4. Seoul is analysing recovered debris to determine what struck the vessel and who was responsible.

White House posture

The Trump administration has combined diplomacy with military readiness. Vice-President JD Vance said Washington remains “locked and loaded” should negotiations fail to produce a nuclear deal, while administration officials said sanctions and targeted strikes would remain tools to deter Tehran.

State Department spokesperson Tommy Pigott described the latest sanctions as part of an “economic fury campaign.” US officials have also been engaged in shuttle diplomacy with regional partners and consultations at NATO and with allies to prevent the conflict from widening.

What happens next

The Senate will continue to consider the War Powers Resolution, and a vote on final passage could come in the coming days. Diplomacy remains active in parallel: negotiators in Europe and the Gulf are reported to be pressing for renewed talks aimed at de-escalation and a framework to limit Iran’s nuclear activities.

On the ground, militaries in the Gulf and eastern Mediterranean are on heightened alert, diplomats said, while commercial shipping firms rerouted vessels after recent incidents in the Strait of Hormuz. Analysts warn that even if Washington and Tehran step back from direct confrontation, proxy incidents and third-party strikes could sustain instability.

For now, Washington’s mix of public warnings, sanctions and a pending congressional rebuke underscores a delicate moment: officials say they seek a quick, decisive outcome, but lawmakers and regional actors are preparing for a longer, risk-filled period if diplomacy falters.

US Accuses China of Funding Iran Amid Hormuz Tensions

US-China tensions rise as Washington links Beijing’s Iran oil imports to terrorism financing, urges support to reopen Strait of Hormuz ahead of Trump visit

Sharp remarks from US

In a pointed escalation of rhetoric, US Treasury Secretary Scott Bessent has accused China of effectively financing Iran by continuing to import large volumes of its oil, describing Tehran as the “largest state sponsor of terrorism”. The comments come at a sensitive moment, just days before US President Donald Trump is scheduled to visit Beijing for high-level talks with Chinese President Xi Jinping.

According to officials familiar with the matter, the remarks were made during a media interaction on Monday and reflect growing unease within Washington over Beijing’s energy ties with Tehran.

Oil trade under scrutiny

Bessent alleged that China has been purchasing nearly 90 per cent of Iran’s energy exports, a claim that underscores longstanding US concerns over sanctions enforcement. “Iran is the largest state sponsor of terrorism, and China has been buying most of their energy,” he said, suggesting that such transactions were helping sustain the Iranian regime despite Western pressure.

The US has, since 2018, attempted to restrict Iran’s oil revenues under its “maximum pressure” campaign, following its exit from the nuclear agreement known as the Joint Comprehensive Plan of Action (JCPOA).

Hormuz crisis deepens

The criticism comes amid rising tensions in the Strait of Hormuz, a critical maritime corridor through which a significant portion of the world’s oil supply passes. Recent disruptions, which Washington attributes to Iranian actions, have affected shipping movement in the region.

Bessent said the US was working to reopen the waterway through an initiative dubbed “Project Freedom”, aimed at ensuring safe passage for vessels currently stranded or rerouted due to the situation.

Call for China’s support

Despite the sharp tone, the US has urged Beijing to play a constructive role. Bessent called on China to back international efforts to secure the Strait of Hormuz and to use its diplomatic leverage with Iran.

“I would urge the Chinese to join us in supporting this international operation,” he said, adding that Beijing’s influence could prove critical in persuading Tehran to ease tensions and restore normalcy in the shipping lane.

Sources indicated that Washington sees China’s involvement as key, given its deep economic engagement with Iran, particularly in the energy sector.

Diplomatic pressure on Tehran

Alongside operational support, the US is also pushing for diplomatic intervention. Officials suggested that China could help de-escalate the crisis by encouraging Iran to reopen the strait and avoid further confrontation.

Bessent reiterated that the US had made it clear Iran does not have unilateral control over the strategic passage and that international cooperation would be necessary to maintain maritime security.

UN stalemate continues

Efforts to build a global consensus, however, have faced hurdles. At the United Nations, a proposed resolution condemning Iran’s alleged blockade of the Strait of Hormuz was recently vetoed by China and Russia, leading to a diplomatic impasse.

Defending Beijing’s position, Chinese envoy Fu Cong said the draft lacked balance and did not adequately reflect the broader geopolitical context, including actions by the US and its allies.

Beijing pushes back

China has also pushed back against US sanctions targeting its firms engaged in Iranian trade. Responding to recent measures, Chinese Foreign Ministry spokesperson Lin Jian criticised what he described as “illicit unilateral sanctions” and cautioned Washington against overreach.

Analysts note that China’s continued engagement with Iran reflects both strategic and economic considerations, including energy security and regional influence.

Focus on upcoming summit

The developments come ahead of the anticipated Trump–Xi meeting, which is expected to cover a wide range of issues including trade, security, and regional stability. While tensions remain high, there are indications that both sides may seek to stabilise ties through dialogue.

Bessent suggested that leader-level engagement could help ease friction, noting that mutual respect between the two countries’ leadership has previously contributed to stability.

As the situation unfolds, the US-China-Iran dynamic is likely to remain a focal point in global diplomacy, particularly with the Strait of Hormuz tensions continuing to impact energy markets and international shipping.

Iran Vows No Ceasefire Until Compensation, Sanctions Relief Secured

Tehran sets conditions for ending hostilities, demanding a full lifting of economic sanctions and binding guarantees from the United States against future interference.

Iran has firmly stated that the ongoing military conflict will not cease until its demands are met, including financial compensation for losses incurred during the 25-day-long war with Israel and the United States. Senior Iranian officials on Tuesday laid out a hardline stance, dismissing any prospect of a ceasefire without concrete diplomatic and economic assurances.

Tehran Lays Out Conditions

Mohsen Rezaei, a senior adviser to Supreme Leader Mojtaba Khamenei, declared in a televised address that Iran’s position is non-negotiable. He asserted that all economic sanctions must be lifted, and the US must provide a "firm guarantee" against any future interference in Iran’s affairs. Rezaei added that Iranian military operations continue with full force, with the leadership maintaining a firm grip on the situation under the new Supreme Leader. Parliament Speaker Mohammad Bagher Ghalibaf echoed the sentiment, noting that the public is demanding strict punishment for those responsible for the attacks against the nation.

Rezaei Blames Israel for Prolonged War

Rezaei claimed that the conflict could have concluded within a week had it not been for the actions of Israel. According to the senior official, the United States was prepared to agree to a ceasefire and de-escalate the situation. However, he alleged that Israeli Prime Minister Benjamin Netanyahu insisted on continuing the military campaign, thereby prolonging the war. Rezaei further stated that by the 15th day of the conflict, even Washington had come to realize there was no clear path to victory in the region.

Conflicting Accounts on US-Iran Talks

The political landscape is further complicated by conflicting reports regarding potential negotiations. US President Donald Trump claimed on his social media platform that talks had been held with Iran, leading him to delay strikes on Iranian power plants for five days. Conversely, Iranian officials have categorically denied that any direct talks have occurred. Speaker Ghalibaf labelled the claims as “fake news” designed to manipulate financial and oil markets. However, a senior Iranian official provided a nuanced account to the BBC, confirming that "points from the US" were received through mediators and were currently under review.

Market Volatility Amid Diplomatic Confusion

The mixed signals have sent shockwaves through global financial markets. Brent crude oil prices briefly jumped back above $100 per barrel on Tuesday after a dramatic 10% plunge the previous day, reflecting the uncertainty. The initial drop was triggered by Trump’s statements about delaying strikes, while the subsequent rise followed Iran’s firm rejection of the talks and its reaffirmation of military readiness. Asian stock markets, particularly in South Korea, showed a slight recovery from Monday’s 17-year low for the won, as investors cautiously priced in hopes of de-escalation.

Regional Military Actions Escalate

The ground and aerial situation remains volatile. Israel confirmed a new wave of missiles was launched from Iran towards its territory, with air defence systems actively working to intercept them. Meanwhile, Iran released footage of missiles at an underground facility, a display of its military capabilities. In a separate development, the Israeli military reportedly destroyed the al-Qasmiya Bridge over Lebanon’s Litani River, a move that effectively cuts off southern Lebanon from the north. The closure of the Strait of Hormuz to most maritime traffic continues to strain global supply chains, prompting South Korea to cancel high-level diplomatic trips and Japan to announce the release of oil stockpiles.

What Next: A Diplomatic Crossroads

The coming days are critical as the international community watches for any official confirmation of a backchannel meeting. Reports suggest US Vice President JD Vance and other American officials may meet with their Iranian counterparts in Islamabad this week, though the White House has declined to confirm this, stating the situation remains fluid. For now, Iran’s official stance remains rigid, demanding a resolution on its terms, while the United States and Israel weigh their next military or diplomatic moves. The global economy remains on edge, bracing for either a de-escalation or a further intensification of the conflict.