The US action, which imposed sanctions on an Indian company for the first time in history for its oil deals with Iranian companies, was a blow to the Modi government’s diplomatic intervention. Mumbai-based Thibalaji Petrochem Company has been banned by the US. The ‘crime’ deals in petroleum and petrochemical products with Iran under US sanctions.
Eight companies in China, Hong Kong and the United Arab Emirates have also been banned. The statement of the Secretary of State, Anthony Blinken, said that the ban was imposed on the Indian company in order to prevent Iranian oil from reaching the international market. The US banned the Indian company while describing it as a strategic partner. However, the central government has yet to respond to the issue.
In 2019, the Modi government stopped importing cheap oil from Iran by accepting US sanctions. Currently, the United States is also opposed to buying Russian oil to hold down the price in the domestic market.
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