The Trump administration has imposed sanctions on four India-based companies and three individuals for their involvement in trading Iranian oil and petrochemicals worth approximately $119 million. These sanctions, announced under Operation Economic Outcast, form part of the US's strategy to cut off Tehran's global revenue streams. The Indian companies named include Sadashiva Overseas Limited, PP Softtech Private Limited, Prakrutees Infra Impex India Private Limited, and Portease Partners LLP, a customs broker. The fourth company was accused of facilitating multiple shipments of Iranian petrochemical products into India. Three Indian nationals - Prashant Garg, Indrismiya Asharafmiya Shekh, and Harish Ramchandra Rangi - were also targeted in these sanctions. These latest measures aim to tighten the financial noose around Iran's government, as described by US Treasury Secretary Scott Bessent. Washington has warned that economic engagement with Iran could lead to penalties, seeking to financially isolate Tehran. Despite a fragile ceasefire, this is not the first time India-based companies have been targeted for alleged Iranian oil dealings, with previous instances in February and July 2025. The sanctions also extend to around 20 companies based in China and Hong Kong and four China-based individuals. Iran has rejected these US pressure tactics, calling them a threat to international law and the UN charter. Iranian officials have expressed readiness to resist and are optimistic about their ability to counter these measures with a two-year plan. The ongoing US-Iran conflict, which began after strikes in late February, may see diplomatic openings, as indicated by recent discussions between Iran and Oman regarding a temporary navigational corridor through the Strait of Hormuz. However, concerns remain about the sharp drop in oil prices, with potential for a rebound if Iran responds with attacks on US military installations across the Middle East.